Newmarket station opened in 1899 at the same time as the line opened to Enoggera which was extended to Samford in 1918 and to Dayboro in 1920. In 1921, the line was duplicated to Newmarket and to Mitchelton in 1953. In 1955, the line was truncated to Ferny Grove. The line was electrified on 17 November 1979. Throughout 2017, Newmarket station was upgraded as part of Queensland Rail's station upgrade program. This involved the construction of a new overpass with lifts. During the upgrade the island platform had to be closed so temporary side platforms had to be erected.
Newmarket was named after the homonymous suburb of Newmarket after the saleyards in the area.
Newmarket station has two platforms consisting of an island platform. Platform 1 is used for inbound services and platform 2 is used for outbound services.
Newmarket station has four entrances. One is on Abuklea Street, one is from the intersection of Wilston Road and Erneton Road and two are from the level crossing on Wilston Road.
Newmarket does have disability access.
There are bus stops nearby on Wilston Road. The connecting bus service is route 325.