In the 1920s, State Highway 162 followed today's Route 72 between Berlin (US 5) and New Britain.

The modern Route 162 was commissioned in 1932, but started out as the easternmost 5.02 miles of today's route:

• Jones Hill Rd, from Ocean Avenue to Platt Avenue
• Platt Avenue, to Main Street
• Main Street, Wagner Place, Saw Mill Road and Bull Hill Road to US 1

Ocean Avenue at the time was part of a longer Route 122 that continued to Milford.

In 1966, Route 122 was shortened, and Route 162 was extended along former Route 122 to Milford.