Originally named the Social Hall, it was constructed by President Quezon and was intended for informal gatherings, until it was renamed Heroes Hall by President Diosdado Macapagal and decorated with bronze busts of heroes by the renowned Filipino sculptor Guillermo Tolentino. The Hall, as large as the Rizal Ceremonial Hall directly above, received a mirrored ceiling in 1979 and for the rest of the Marcos era was used not only for meetings and informal gatherings but also for state dinners in honor of visiting Heads of State. Among the distinguished visitors entertained in this Hall by the Marcoses were the President of Mexico, the Prime Minister of Thailand, and Princess Margaret of the United Kingdom.

It was from this room that Presidents Marcos and Estrada departed the palace for the last time in 1986 and 2001.

In 1998, the National Centennial Commission installed three large paintings specially commissioned for the hall. The one in the vestibule is by Carlos Valino, while the two others are by a group of artists headed by Karen Flores and Elmer Borlongan. The murals depict the panorama of Philippine history from the pre-Hispanic era to 1998. These are in addition to the portraits of various heroes painted by Florentino Macabuhay from 1940-1960 and displayed in the corridor leading to the Hall.