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Lowe Park is one of many new parks created by the City of Chicago after World War II to serve neighborhoods like New City. Soon after the City purchased a four-acre park site in 1950, the Bureau of Parks and Recreation improved the property with playground equipment; a spray pool; a small brick recreation building; basketball and volleyball courts; and an athletic field intended for football, softball, and baseball. In 1957, the City transferred Lowe Park to the ¿ì²¥ÊÓƵ along with more than 200 other properties pursuant to the Chicago Park and City Exchange of Functions Act. In 1978, at the request of a neighborhood civic group, the New City Members, the Park District planted new trees at the site. In 1992, Lowe Park was further improved with a new soft surface playground area.

Following its general practice, the bureau named the park for adjacent Lowe Avenue. The street name honors Samuel J. Lowe, one of the City's first constables, as well as an early justice of the peace. Lowe also served as Cook County Sheriff for two terms beginning in 1842.