Ararat station opened when the railway line from Ballarat was extended to the town.^[2] In December 1877, a line south to Portland opened and, in January 1887, the mainline was extended west, reaching the South Australian border at Serviceton. In 1890, the line to Maryborough opened.^[3] Two signal boxes ("A" and "B") opened in 1891 and, in 1914, the goods sidings were extended, with the locomotive depot built soon after.^[3]

In the late 1930s, the locomotive depot was expanded, in conjunction with the anticipated arrival of the new H class 4-8-4 steam locomotives, intended for use on The Overland passenger train. An 85-foot (26 m) turntable was installed, with 24 roads around it, the largest on the Victorian Railways network. Before that, Stawell had been the major locomotive servicing facility in the region.^[4]

During 1985, the passenger facilities in the main station building were refurbished.^[5] However, during that time, rationalisation of the facilities began. Signal box "B" was demolished in 1984, with the train control office following in 1988. The footbridge, which was located at the up end of the station, was destroyed in a derailment in May 1986.^[6] The Mobil siding and associated points and staff lock were abolished in January 1988.^[7] The locomotive depot closed in 1989, the train crew depot closed on 30 June 1994,^[8] with signal box "A" following in 1996. Gauge conversion was carried out at the station in the 1990s, with the main line to Adelaide being converted to standard gauge as part of the One Nation project. The lines west and south, and the line to Maryborough, were converted soon after.

In April 1995, all services on the former broad gauge mainline to Ballarat and Melbourne were suspended.^[2] V/Line passenger services westward to Dimboola had been withdrawn on 21 August 1993, and the Ballarat to Ararat service had been withdrawn on 27 May 1994.^[9]

On 11 July 2004, the broad gauge line to Ballarat was reopened, with V/Line passenger services being reinstated.^[10][11] The contract for the work had been awarded in February 2003.^[12] A diamond crossing and associated signalling had to be installed, to allow the broad gauge line to cross the standard gauge line and reach the platform. In January 2005, the Maryborough line was booked out of use.^[2]

The Murray Basin Rail Project, which began in 2016, included reopening of the line from Ararat to Maryborough. In early 2018, the line was officially re-opened at Avoca, after having sat idle for more than 13 years.^[13]

As part of the Regional Rail Revival project, an extra stabling siding was provided at the station, to accommodate an extra morning service.^[14] By early 2021, the project had been completed, with a new timetable being introduced on 31 January of that year.^[14] The stabling yard is able to hold two three-carriage VLocity trains.^[14]

Ararat has two platforms. The full-length standard gauge platform is on the north side, with broad gauge trains using a bay platform on the south side. There is a railway grade crossing approximately 500 metres east of the station, which allows the broad gauge line to cross the standard gauge line and continue east towards Beaufort and Ballarat, while the standard gauge line heads south towards Geelong.

Control of signals at the station is carried out by both the Australian Rail Track Corporation control centre at Mile End, South Australia, and Centrol, in Melbourne.^[2]

Two dead-end sidings, located to the east, are used for stabling broad gauge passenger trains and there are two standard gauge loops, and one dead-end siding, across from the main platform.^[15]

Ararat is served by V/Line Ararat line trains on the broad gauge line, and Journey Beyond The Overland services on the standard gauge line.^[16][17]

Platform 1:

•  The Overland  Journey Beyond services to Adelaide Parklands and Melbourne (Southern Cross) (two per week)

Platform 2:

•  Ararat line  V/Line services to Southern Cross

Ararat Transit operates six bus routes via Ararat station, under contract to Public Transport Victoria:^[18]

•  1 : to Ararat West via Brewster Road^[19]
•  2 : to Ararat South via Burke Street^[20]
•  3 : to Ararat North via Baird Street^[21]
• to Maryborough via Elmhurst and Avoca^[22]
• to Hopkins Correctional Centre^[23]
• Ararat – Lake Bolac via Willaura^[24]

V/Line operates road coach services from Ararat to Ballarat, Warrnambool and Nhill.^[25][26][27] The Ballarat and Nhill services are operated by Firefly Express.

•  
  Station front, entrance and bus interchange, March 2008
•  
  VLocity set VL60 sits at Platform 2, September 2022

• Avoca railway station, Victoria
• Avoca railway line
• Ben Nevis railway station

• Rail Geelong gallery
• Victorian Railway Stations gallery
• When there were Stations gallery
• Melway map at street-directory.com.au