In 1869, the Livraria Internacional de Ernesto Chardron was founded, from a shop on Rua dos Clérigos by the Frenchman Ernesto Chardron [pt].[1] Following its founder's death, at the age of 45, the firm was sold to Lugan & Genelioux Sucessores.[1]

Alternately, in 1881, José Lello along with his brother-in-law created the firm David Pereira & Lello.[1] But, the following year, after the death of David Lourenço Pereira, the establishment began to be operated as José Pinto de Sousa Lello & Irmão, when he partnered with his younger brother (António Lello).[1] The brothers were born to a property-owner in Villa Ramadas (Fontes), in the municipality of Santa Marta de Penaguião: both became prominent members of Porto's intellectual bourgeoisie by the turn of the century.[1]

In 1891, the Chardron Bookstore acquired the establishments of A. R. da Cruz Coutinho and other bookstores in the city.[1] This ultimately led to Mathieux Lugan selling his share in the Chardon bookstore to the brothers Lello, in 1894.[1] These purchases later included the 7 April 1898 sale of the firm Livraria Lemos & Co.[1]

The brothers hired engineer Francisco Xavier Esteves (1864-1944) to construct the new bookstore on Rua das Carmelitas.[1] In 1906, the Livraria Lello was inaugurated.[1]

By 1919, the bookstore was simply designated as the Lello & Irmão, Lda. With the 1930 addition of José Pereira da Costa, the bookstore began to be known simply as Livraria Lello.[1] But, between 1930 and 1940, it once again became designated Lello & Irmão.[1]

On 14 December 1981, there was a proposal to classify the store by the Delegação Regional do Norte (Northern Regional Delegation) of the Secretary-of-State for Culture.[1] It took almost a decade, before a dispatch was issued by the IPPAR presidency to open a process of classification (on 28 September 1993).[1] The IPPAR consultative council favoured its establishment as a Imóvel de Interesse Público (Property of Public Interest) pm 24 March 1994.[1]

In 1995, Lello & Irmão created a new society: Prólogo Livreiros S.A., which preceded its reopening on 15 March 1995, following a period of restoration and remodelling.[1]

The Secretary-of-State for Culture solicited a presentation on 14 March 201 to establish a special protection zone (ZEP) the site, which was supplemented by the DRCNorte (on 12 April).[1] The proposal was seen as a positive initiative by the National Cultural Council on 31 May. The ZEP decision was published on 28 January 2013 (Announcement 35/2013, Diário da República, Série 2, 19).[1]

Beginning in July 2015, the bookstore began requesting entrance fees for visitors.[1] On 21 April 2016, an artistic mural was erected to conceal the scaffolding placed on the facade of the building, during its restoration, by graffiti writer Dheo and colleague Pariz One.[1] Dheo painted the central area of the mural with a pile of old books, a lit candle and a bottle of Port wine, while the rest was painted by Pariz One with geometric shapes, referring to the stained glass inside the bookstore. The work took two months to produce.[1] On 31 July, following the restoration, the main facade of the building was uncovered, showing the laboratory-tested recovered primitive gray.[1]

In 2022, a collection of touching and sometimes prescient personal letters written by a young Bob Dylan to a high school girlfriend has been sold at auction to Lello bookshop for nearly $670,000.[2]