The present Paekakariki Railway Station, built in 1909, is the second railway station to be built for the town. The first station was built for the Wellington and Manawatu Railway Company in around 1886. Following the government acquisition of the company in 1908, the Railways Department decided to replace the first station with a new building. The plan was based on a design of work of George Alexander Troup (1863-1941), chief architect of New Zealand Railways, and later Mayor of Wellington (1927-1931). The plan was approved early in 1909 and the building completed by 1910. Other facilities were also added at this time including a goods shed, foot-warmer shed and a new signalling system. (See Paekakariki Signal Box, Historic Place, Category I.) In 1910 a ladies waiting room, lobby, booking, luggage, and storeroom were added. By the end of 1940 the doubling of the track as far as Paekakariki had been completed and the line electrified. In 1943 traffic to the station increased with the arrival of American troops who were stationed nearby at MacKay's Crossing. In 1957 the building was remodelled inside. Since 1972 the station and yard has been the base of the railway society Steam Incorporated. The society is dedicated to restoring ex-New Zealand Government Railways locomotives and rolling stock for mainline operation.

The station is a narrow building with almost identical track facades. It has a low-pitched corrugated roof and rusticated weatherboard cladding. Verandahs run almost the entire length of the main elevations. Sash-windows (now boarded up) and four-panelled doors are situated along each elevation. Internally the building has been much altered.

The Paekakariki Station is a fine example of an island station and one of the oldest extant. Its significance is also enhanced by its location within one of New Zealand's best collections of railway station structures.