The park is named for the man who formerly owned the site, J. Hood Wright (1836-1894), a banker, financier and philanthropist born in Philadelphia, who lived in a mansion on 175th Street and Haven Avenue. Wright anonymously gave money to convert the local subscription library into a free library which became a branch of the New York Public Library.
The city acquired the land by eminent domain in 1925, specifically to build a park, which the neighborhood was lacking in. It has been upgraded and renovated, and the cupola of the hexagonal recreation center was restored in 2013. The park is supported by the Friends of J. Hood Wright Park, a neighborhood organization.