Named for its surrounding neighborhood, Mayfair Park lies within the old suburb of Montrose, which had been renamed Mayfair by the early twentieth century. Plans for the park began in 1913 when the Irving Park District ordered a survey of a small area along Sunnyside Avenue. Three years later, the district made its first land purchases, however acquisition took several years. By 1930, the two-and-a-half acre park included a playfield, separate boys' and girls' playgrounds, a wading pool, and a fieldhouse designed by Clarence Hatzfeld. Having been trained in the office of Chicago architect Julius Huber, Hatzfeld became known for numerous north- and northwest-side park fieldhouses, commercial buildings, and residences. During the Depression, he began working for the Chicago Park District, which formed in 1934 through the consolidation of the city's 22 independent park agencies. As a park district employee, Hatzfeld was responsible for rehabilitating and altering the Mayfair Park Fieldhouse in 1936. This project included enclosing the building's entry loggia to provide more interior space.
By 1947, the park district had added more recreational features to Mayfair Park including horseshoe, shuffle board, and tennis courts. The park's landscape was redesigned in order to expand its athletic fields in 1970. In 1989, the park district installed a new soft surface playground in Mayfair Park. In 2007, the park received a state-of-the-art ADA accessable playground.