Ebisu was founded around 1928 as a community developed around the Japan Beer Brewery Company (now Sapporo Breweries Limited) facilities which began brewing Yebisu Beer in 1890.
After the breweries were moved to Chiba in 1988, the area underwent a major urban development resulting in the construction of Yebisu Garden Place, which opened to the public in 1994. Following the construction of Yebisu Garden Place in 1994, the area around Ebisu Station developed rapidly.
The district and railway station of Ebisu takes its name from the Yebisu Beer brand, which in turn was named after Ebisu (one of the Japanese Seven Gods of Fortune). The spelling "Yebisu" is intentionally archaic. With or without the "y" the pronunciation is the same as "Ebisu".