King Tilokarat commissioned the construction of the temple in 1455 CE after he had sent monks to Bagan in Burma to study the design of the Mahabodhi temple there, itself a copy of the Mahabodhi Temple of Bodh Gaya in northern India, the location where Siddhartha Gautama, the Buddha, attained enlightenment.
According to the Jinakālamālī chronicle, in 1455 CE the king planted a bodhi tree on the spot and in 1476 CE "had established a large sanctuary in this monastery", probably for the celebration ceremony commemorating 2000 years of Buddhism. The following year the 8th Buddhist World Council was held at Wat Chet Yot to renew the Tripitaka (the Pali Canon).