In late 1983, the National Capital Development Commission (NCDC) invited sculptors and architects to submit designs for a memorial to mark the seventy-fifth anniversary of the formation of the Royal Australian Navy (RAN).
Out of 61 registrations of interest, the panel of assessors selected 14 entrants to submit proposals. They selected the design by Canberra sculptor Ante Dabro. Three members of the RAN were selected to assist Dabro as fabrication assistants.
A site on the eastern side of Anzac Parade, close to the Australian War Memorial, was chosen for the location of the memorial. The memorial was transported to the site and installed in early 1986.
Two ceremonial flag poles stand to the front of the memorial. A plinth at their bases support the RAN Badge and dedication plaque. Two piers on either side of the paved podium hold RAN Battle Honours.
Her Majesty Queen Elizabeth II unveiled The National Memorial to the Royal Australian Navy dedication plaque on 3 March 1986.