The neighborhood was established in 1949 to absorb demobilized soldiers after the 1948 Arab–Israeli War.
In 1954, Tel Aviv municipality donated a plot of land on Golan Street in Ramat HaHayal, dubbed "Shikun Shanghai", to members of the Jewish community from Shanghai, China, who left during the final stages of the Chinese Civil War.
Until 2010, it was widely assumed that the neighborhood had been named after the Jewish Brigade and its name was written in Hebrew רמת החי"ל (lit. Jewish Brigade Heights), including in official municipal signs. The mistake was corrected by the municipality in 2010.
Many Israeli high-tech companies, among them Nisko, RAD Data Communications, BMC Software, Comverse Technology and Radwin are located in Ramat HaHayal. IBM maintains a research and development facility there. 
Assuta Medical Center, Israel's largest private medical provider, moved from central Tel Aviv to a new compound in Ramat HaHayal. The upscale facility, with 16 operating rooms, is located on HaBarzel Street.
In February 1997, archaeological excavations carried out at Ramat HaHayal found two wall foundations with abutting floor fragments, a pit, and ceramic and glass shards from the 8th–9th centuries BCE. A burial cave of the intermediate Bronze Age was cut into soft Kurkar stone, and several intact vessels were discovered belonging to the known types from the Yarkon River area.
- City guide, Tel Aviv
- Igud Yotzei Sin, Association of Former Residents of China in Israel
- Contact Locations
- Nisko Projects & Electronics Ltd Archived 2009-06-07 at the Wayback Machine
- IBM R&D
- People of the film
- Monument dedicated to Raoul Wallenberg was inaugurated in Tel Aviv
- Assuta to move from central Tel Aviv to Ramat Hahayal, Haaretz
- A Salvage Excavation at Ramat-HaHayal, Tel Aviv Archived 2015-12-16 at the Wayback Machine