Created and operated by the Monongahela Railway Co. until F.W. Henninger and Andrew McSwigan purchased the park in 1906. The Henninger and McSwigan families in fourth and fifth generation operated the park through the 2007 season. Parques Reunidos purchased the park in 2008 (the announcement was made on 12/11/2007).
Kennywood's Lost Kennywood area is modeled after Pittsburgh's Luna Park, a former competitor.