This old temple formerly named Wat Bangwayai was built in the Ayutthaya period. During the renovation in the reign of King Rama I, a sonorous rakhang or bell was found in the temple compound. The king ordered it to be moved to the Temple of the Emerald Buddha and sent five new bells there in exchange, which are now hung on the belfry. The king then changed the temple's name to Wat Rakhangkositaram.
The belfry which is the symbol of the temple, was built in the four-gable style of the early Rattanakosin period. The scripture hall or ho trai consisting of three adjoining buildings has been declared one of the most outstanding examples of Thai architecture.
The ubosot or main chapel in the style of King Rama I 's reign features a three-tiered roof and the murals which were painted by Phra Wanwatwichit, a great artist of the King Rama VI reign.