Kerang opened on 25 October 1884. On 30 May 1890, the line was extended to Swan Hill.[1] The station, like the township itself, was named after an Aboriginal word meaning moon or an edible root vegetable.[2]
A number of sidings opposite the station were removed in 1991.[3]
In late 1993 and 1994, the station was operated by the former Borough of Kerang through a lease agreement with the Public Transport Corporation, after the station was de-staffed in August 1993.[4] The borough assumed control of the station on 13 December 1993, however withdrew from the agreement on 30 June 1994, due to low ticket sales and operation costs.[4]
The station platform was reconstructed and resurfaced in January 2019.[5]
Disused station Macorna is located between Kerang and Pyramid, while demolished station Lake Boga was located between Kerang and Swan Hill.