Construction of the temple is thought to have begun in the later years of the Roman Kingdom under Tarquinius Superbus. Its inauguration by the consul Titus Larcius took place in the early years of the Republic, making it the oldest Republican temple after the Temple of Jupiter Optimus Maximus. The altar of Saturn, which stood in front of the temple, is thought to have been much older and was associated with Saturn's founding of the city on Capitoline Hill.[1] The temple was completely reconstructed by Munatius Plancus in 42 BC.

The present ruins represent the third phase of the Temple of Saturn, which was built after a fire in 360 AD. The extant inscription on the frieze commemorates this restoration undertaken after the fire. This late 4th-century rebuilding reflects pagan revivalism during this time period.[2] The temple would have been closed during the persecution of pagans in the late Roman Empire.

In Roman mythology, Saturn ruled during the Golden Age, and he continued to be associated with wealth. His temple housed the treasury, the aerarium,[3] where the Roman Republic's reserves of gold and silver were stored. The state archives and the insignia and official scale for the weighing of metals were also housed there. Later, the aerarium was moved to another building, and the archives were transferred to the nearby Tabularium. The temple's podium, constructed out of concrete covered with travertine, was used for posting bills.