On March 1, 1968, McMasters Elementary School opened its doors to students and faculty and was officially dedicated on May 14, 1968. The school was named in honor of W. C. McMasters, a former Pasadena ISD board member and mayor of Pasadena. The school was constructed for $769,000. Prior to the completion of McMasters Elementary, the faculty, and grades, one through four were housed at Parks Elementary and the fifth grade was housed at San Jacinto Intermediate. The first class of students at McMasters consisted of five first and second-grade classes, along with four third, fourth, and fifth-grade classes. The faculty included a music teacher and a speech therapist. In 1976, McMasters had three classes for each grade level, Kindergarten through fifth, excluding first grade, which had four classes. That same year, the school also had an LLD teacher, a PE teacher, a full-time nurse, and a full-time librarian.

In more recent years, in 2015, KaBOOM, along with Blue Cross and Blue Shield of Texas, built a playground for the campus. McMasters Elementary currently serves around 430 students in prekindergarten through fourth grade.

• Tom Carrell 1967-1978
• Dean Stanley Lynch 1978-1980
• John Freeman 1980-1987
• Mark Priest 1987
• Diana Alvarez 1987-1988
• Lolene Smith 1988-1991
• Nina Hobdy 1991-1995
• Mabel Pratt 1995-2010
• Andrea Gilger 2010-present