Corvin Castle's construction began in 1446 under the orders of John Hunyadi, Voivode of Transylvania (known as Hunyadi János in Hungarian and Iancu or Ioan de Hunedoara in Romanian). He aimed to transform the old keep originally built by Charles I of Hungary. The castle had been granted to John Hunyadi's father, Voicu (Vajk), by Sigismund of Luxembourg, King of Hungary and Croatia, in 1409 as a severance package. In the same year, 1446, John Hunyadi was elected regent governor by the Diet.

  The castle features three main sections: the Knight's Hall, the Diet Hall, and the circular stairway. Both halls are rectangular and adorned with marble. The Diet Hall was used for ceremonies and formal receptions, while the Knight's Hall hosted feasts. After John Hunyadi's death in 1456, construction slowed. However, in 1458, work began on the Matia Wing, though by 1480, construction had completely halted, leaving the castle as one of the most grandiose structures in Eastern Europe.

  No significant improvements were made to the castle in the 16th century. However, the 17th century saw new additions for both aesthetic and military purposes. A large new palace was built facing the town, providing living quarters and a spacious living area. For military purposes, two new towers, the White Tower and the Artillery Tower, were constructed. Additionally, an external yard was added for administrative and storage needs.

   The present appearance of the castle is largely due to a romantic restoration campaign carried out after a devastating fire and years of neglect. Some critics argue that modern architects imposed their own idealized interpretations of Gothic architecture during this restoration. In 2021, Corvin Castle attracted approximately 276,000 tourists.

  Tourists are informed that Corvin Castle was where Vlad the Impaler, Prince of Wallachia, was imprisoned by John Hunyadi, Hungary's military leader and regent during the King's minority. Despite Hunyadi's role in the execution of Vlad's father, Vlad II Dracul, Vlad later formed a political alliance with Hunyadi. This historical connection has led to Hunedoara Castle occasionally being cited as an inspiration for Castle Dracula in Bram Stoker's 1897 novel Dracula. However, Stoker was unaware of Vlad's alliance with Hunyadi or Hunyadi's castle. Stoker's research notes indicate that he imagined Castle Dracula to be in the Transylvanian Călimani Mountains near the former border with Moldavia.

  In the castle yard, near the 15th-century chapel, there is a 30-meter-deep (98 ft) well. Legend has it that three Turkish prisoners were promised freedom if they dug until they found water. After 15 years, they completed the well, but their captors broke their promise. An inscription on the well’s wall allegedly reads, "you have water, but not soul." However, experts have translated it to say, "he who wrote this inscription is Hasan, who lives as a slave of the giaours, in the fortress near the church."

  The final action sequence of the 2015 Bollywood movie Singh Is Bling starring Akshay Kumar was filmed at the castle. Additionally, in 2018, the castle was used as the "Cârța Monastery" in the horror movie The Nun.