Prior to exploration and settlement by European immigrants, the Native Americans of the area—mainly the Lakota Sioux—would refer to this formation by a term which meant "elk penis".[1][2] The first non-natives to see the pillar were probably the Astorians of Robert Stuart in their eastward journey from the Pacific Ocean in 1813. Chimney Rock was recorded in many journals after the Stuart expedition.[3]

The name "Chimney Rock" probably originated from early fur traders.[4] The first recorded mention of "Chimney Rock" was in 1827 by Joshua Pilcher. Pilcher had journeyed up the Platte River valley to the Salt Lake rendezvous of the Rocky Mountain fur trappers. The formation went through a variety of names before becoming Chimney Rock such as Chimley Rock and Chimney Tower, as well as euphemisms based on the original Native American name, such as Elk's Peak and Elk Brick.[4][2]

A small town named Chimney Rock once stood near the base of the formation.[5] A post office was established at the town of Chimney Rock in 1913, and remained in operation until 1922.[6]

Based on sketches, paintings, written accounts, and the 1897 photograph by Darton, Chimney Rock was taller when it was first seen by settlers, but has since been reduced in height by erosion, lightning, and reportedly by cannon fire from the ground and from aircraft.[7]