Similar to many theaters built during the era, the building features a host of lavish designs and ornate features. The Madison enjoys Italian Renaissance exterior, tripled arched windows, and a lobby with a domed ceiling. Like most theaters built during the early twentieth century, The Madison opened as a vaudeville theater before slowly transitioning to silent films and then motion pictures (talkies) by 1930. The Madison remained a popular destination through the middle part of the twentieth century before suffering from decline and eventually struggling to compete with modern, multiplex theaters.
A 1980s renovation helped the theater survive, but it wasn't until the years of 1996-2002, when Jay Goldberg Events & Entertainment group revived the theater, that The Madison again thrived. Under the group's direction, the theater hosted more than 200 concerts including performances from such acts as Ray Charles, The Smashing Pumpkins, and REO Speedwagon. However, despite the resurgence in popularity provided by the live music events, the theater finally closed its doors in 2003.
A significant fire overtook the theater in June 2016. As a result, the City of Peoria filed a condemnation notification for the building. But, repairs made to the building seemed to have saved the building for now. The future of the building remains unclear, though. Until then, it stands as a reminder of a Roaring '20s U.S. Culture that, for those with means, adored its theater and a late 20th century culture that embraced rock and pop-culture music performances.