The Masterton Park quickly became the sports centre of the town and in 1895 a wooden grandstand was erected on the eastern side of the oval.
Early in the 20th century the situation of the park was much discussed, there being two different views of its future. One group wanted the Trust Lands Trust to take the park over, another thought the borough council more suited. The latter group won out and the council assumed responsibility for the park and immediately made many improvements.
Large iron gates were erected at the southern entrance to the park, honouring the ex-mayor, Charles Pownall, and a cast iron and concrete band rotunda was built to commemorate the coronation of Edward VII.
In 1904 another 10-acre block was added to the park and "ornamental waters" were constructed. The park lake became popular for boating and swimming.
Other sports appeared too, with bowling and tennis clubs using grounds near the lake. In 1910 ladies swimming baths were built near the Bruce St entrance.
In 1912 a "Coronation Hall" was built to mark the coronation of George V.
The borough council was uncertain of the future of the park and in 1916 commissioned landscaper Alfred Buxton to prepare plans. Although not all the planned alterations were carried out, the pathway structure envisioned by Buxton remains.
The Masterton Beautifying Society carried out various improvements to the park, starting in the 1920s with the donation of the fern house and rose garden. The first children's playground and the Wairarapa War Memorial, the cenotaph, were opened in the early 1920s.
The park was renamed in honour of Queen Elizabeth following her visit in 1954.