A Troup class B design, Waihi is a slender, rectangular building with an adjoining verandah. The roof is corrugated iron and the exterior cladding rusticated weatherboards. The verandah, possibly a later addition, is wide and slightly pitched, with simple timber posts and saw-tooth valances at both ends. When built the station accommodated a lobby, office, ladies' waiting room and toilet.
Waihi was built in conjunction with the completion of the Paeroa-Waihi railway in 1905. The building of this railway through the Karangahake Gorge, completed in 1904, presented great engineering difficulties. The contract for the station building, completed in October 1905, was fulfilled by William Hay of Waihi, at a cost of £1764. Waihi was the terminus of the Waihi branch until 1924, when the extension to Tauranga opened. The line was later extended to Taneatua and became the East Coast Main Trunk Line. The line through Waihi closed in 1978 when the Kaimai Deviation opened. Waihi was the principal mining town, and mine-related freight, including coal, was the main traffic through the station. The station's future has been secured as the headquarters of the Goldfields Railway since 1979. This railway is now isolated from the national railway system.