Bondi Junction is a largely commercial area which has undergone many changes since the late 20th century. There have been many major commercial and residential developments around the main street and surrounding area, notably a new bus/rail interchange and large shopping mall. Many of the original pubs have been maintained, notably, the Nelson Hotel, so named because of its location on Nelson Street.

Bondi Beach is a neighbouring suburb to the east with a world-famous beach. Bondi and North Bondi are also neighbouring suburbs.

Bondi Junction and the neighbouring area is well known for its famous rugby league team, the Sydney Roosters, still officially known as the Eastern Suburbs District Rugby League Football Club. The clubhouse of the team is centrally located in Spring Street, Bondi Junction.

Bondi is an Aboriginal word meaning water breaking over rocks. It has been spelt a number of different ways over time: for example, Boondi, Bundi and Bundye.

The first house in the area was Waverley House, which was built by Barnett Levey in 1827, on the current site of Waverley Street. The house changed hands many times over the years before finally being demolished. When Waverley Municipality was proclaimed in 1859, the name was taken from Waverley House.

Henry Hough was first given a grant of land on the site of Bondi Junction in 1832. On his estate, he built a wind-powered flour mill. This was accessed by a track leading off the South Head Road (now Oxford Street), the suburb's main thoroughfare. Hough named his farm Hope, but it was colloquially dubbed Mill Hill.

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