Founded by Charles Lionel Carson, who also acted as editor, The Stage began publication in London in 1880 as The Stage Directory: A London and Provincial Theatrical Advertiser. Aimed at industry professionals, it was in direct competition with several similar titles, such as The Era, and eventually (after dropping its price to one penny) became the most popular theatrical newspaper in the city.

The Stage Directory was published monthly, before becoming a weekly publication simply called The Stage only a year later. As the name implies, it reported on entertainment news, particularly that of the London theatre scene. It also featured reviews and opinions, and advertisements for recruiting those in the performing arts.

Careers aided by The Stage include those of Sandi Toksvig, who won her first role in television after answering an advertisement in the paper, and even pop groups such as The Spice Girls were boosted to fame after answering advertisements. Other notable careers launched by auditioning for roles advertised in the journal include Idris Elba, Charles Dance, Sir Kenneth Branagh, and Sir Michael Caine.

The Stage continues as a weekly publication.