In the early years of British settlement the area was known as Prospect Hill and was the site of the first land grants to emancipated convicts in 1791. At this period it was one of several areas of conflict between the Darug people and the settlers, the Darug people being led for many years of guerrilla warfare by Pemulwuy.

The area later became differentiated into Prospect, to the west of Greystanes Creek, and Greystanes to the east of the Creek, the latter taking its name from a historical home on Prospect Hill, built by Nelson Simmons Lawson, third child of Lieutenant William Lawson. The name 'Grey Stanes', given by Nelson Lawson, came from the outcrops of basalt on Prospect Hill, "Grey" being its colour and "Stanes" being the Scottish word for stones. The land was originally granted to William Cummings in 1799, before being acquired by William Lawson in approximately 1810.

The area was used for poultry farming in the early twentieth century until Greystanes developed in the 1950s and 1960s as a residential suburb. Frank Cefai, a Maltese migrant, is a well known developer who built thousands of residential homes throughout Greystanes and its surrounding suburbs. Frank built and helped fund the Our Lady Queen of Peace Catholic Church in 1975 and the surrounding primary and secondary schools.

Many of the early residents of Greystanes were from Malta and many of them operated poultry farms. Three family poultry businesses from Greystanes became household names throughout Australia - Cordina Chickens, Baiada Chickens and Pace Farm Eggs. Greystanes still has a large Maltese-Australian community. The Maltese community have hosted a Festa (Festa tal-Vitorja & Maria Bambina) every October since 1965 in and around the church.

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