Route 507 commenced operating on 7 September 1968 between Victoria Station and Waterloo Station via Victoria Street - Horseferry Road,( return via Marsham Street - Great Smith Street ) - Lambeth Bridge - County Hall - York Road as a Monday to Saturday service. The route was initially operated by London Transport from their Victoria (GM) garage using AEC Merlins. The route was introduced in order to replace withdrawn routes 46 and 70 between Victoria and Waterloo.
On 14 June 1969, the route was rerouted away from York Road into Taxi Road within Waterloo Station.
On 25 October 1969, a Sunday service was introduced.
On 24 January 1970, Walworth (WA) garage gained a Sunday allocation.
On 16 January 1971, the Sunday service was withdrawn.
On 17 October 1977, the route was diverted eastbound to Horseferry Road instead of Marsham Street.
On 9 May 1981, the AEC Merlins were replaced by Leyland National 2s.
On 15 August 1987, the allocation was transferred to Walworth (RA) garage.
On 28 October 1990, the allocation was transferred to Waterloo (RA) garage.
On 18 July 1992, a Sunday service was reintroduced, the weekend allocation was transferred to Victoria (GM) garage and Leyland National 2s were replaced by Optare StarRiders.
On 17 July 1993, the Saturday and Sunday service was withdrawn.
On 6 June 2002, the route was converted to low floor single deck articulated bus operation using Mercedes-Benz O530Gs.
On 31 March 2007, an evening service was introduced.
On 25 July 2009, the route was retained by London General with the Mercedes-Benz O530Gs replaced by brand new 12.0m versions and a weekend service was introduced.
On 29 August 2009, a Weekend allocation was transferred to Mandela Way (MW) garage.
On 3 May 2011, the route was rerouted eastbound between Victoria and Horseferry Road via Vauxhall Bridge Road, and Rochester Row instead of Victoria Street.
In December 2013, brand new BYD Electrics were introduced.
In July 2015, brand new Irizar i2 EV Electrics were introduced.
On 30 April 2016, MEC50 was repainted into Red Arrow livery in order to celebrate 50 anniversary of the Red Arrow network.
On 27 August 2016, brand new Enviro 200 MMC Electric bodied BYD K9Es were introduced.
In January 2017, the route was converted to full Enviro 200 MMC Electric bodied BYD K9E operation.
On 29 July 2017, the operation was partially transferred to London Central operating from their Camberwell (Q) garage.
Route 507 operates via these primary locations:
- Victoria Bus Station
- St Thomas' Hospital
- Waterloo Station Cab Road