Ninja Theory was founded as Just Add Monsters in March 2000 in Cambridge, UK. It was established by Mike Ball, Nina Kristensen and Tameem Antoniades. They all previously worked at Sony Computer Entertainment.

Just Add Monsters was acquired by Argonaut Games in October 2000 with Jez San OBE joining the board. They released their first game, Kung Fu Chaos in 2003, as a 1st-party Xbox exclusive.

In 2004, Argonaut got into financial trouble. The Just Add Monsters division was saved after a management buy-out, and reformed as Ninja Theory Ltd. Their future was consolidated by signing the title Heavenly Sword (2007) at SCEE as a PS3 exclusive. The studio's third title, Enslaved: Odyssey to the West was their first multiplatform release. It continued in the third-person action genre and was released in 2010.

The studio worked on a reboot of the Japanese Devil May Cry franchise, DmC: Devil May Cry, which was released in 2013. They also contributed to the development of 2015's Disney Infinity 3.0.

On 10 June 2018, they were acquired by Microsoft Corporation to be part of the Microsoft Studios (today Xbox Game Studios) label.

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