The theatre was founded in the early 18th century under the name "Teatro di Sant'Agostino", after the adjacent monastery complex. It was the first public theatre in Genoa, with a horseshoe-shaped construction and boxes, a typical feature of Italian architecture. It was here in 1795 that the world famous Genoese violinist and composer Niccolò Paganini gave his first public performance, who later played many more times in this hall.

Since the 1980s, the theatre has been the seat of the Teatro della Tosse (now the Luzzati-Theatre of the Tosse Foundation), which has carried out its complete renovation and refurbishment, creating a multi-screen complex and offering a rich programme of contemporary prose.

The theatre's curious name comes from the location of its first venue, a room in a narrow street in Genoa called Salita della Tosse. For many years one of the leading figures in this theatre was the famous Genoese artist and set designer Emanuele Luzzati.