The Yost first opened as The Auditorium in 1913. It then was renamed the Clunes the same year. It was not until Ed Yost purchased the theater that it acquired the name, Yost Theater. In 1950 the theater was leased to Luis Olivos, father of Louie Olivos Jr.
The theater housed vaudeville, silent films, and talkies before it became a Mexican cinema house under the Olivos Family. Louie Olivos Jr. brought talent of Mexican cinema to the Yost including Antonio Aguilar, and Vicente Fernández to name some. He also brought Ike and Tina Turner and Sonny and Cher to the Yost.
The Chase Family, developers of the Fiesta Marketplace shopping district, purchased the Yost from the City of Santa Ana in 1986. After this purchase the theater became a church, and as a result of this, the structure suffered defacing and alteration of its interior. In 2007, the Los Angeles Times reported that the Yost Theater would be reopened for the benefit of the community at large. Restoration and conversion to a live theatre was carried out by architect Thomas Berkes, and it reopened as a concert and live performance venue that same year.