Augusta National was founded in 1932 by Bobby Jones and Clifford Roberts on the 365-acre site of a former nursery/antebellum plantation called Fruitland (later Fruitlands).  Jones sought to create a world-class winter golf course in his native state of Georgia.  During the first decade of the club's existence, membership was low and finances were short due to the Great Depression and the relatively remote location of Augusta, forcing the duo to scrap future plans for a "ladies' course", squash and tennis courts, and various estates.

Its first club professional was Ed Dudley, who served in the role until 1957; Dudley was one of the top tournament professionals of his era, with 15 wins on the PGA Tour.

The Masters was first held in 1934 in an attempt to attract crowds and players.  Roberts persuaded Jones, then retired, to return to play in the tournament.  (Jones initially was against the name Masters.)

In 1948, Dwight D. Eisenhower and his wife Mamie were personally invited to Augusta by Roberts.  Eisenhower took a liking to the club, becoming a member, and hired Roberts as his executor and financial advisor, who had a house (Eisenhower Cabin) constructed for Eisenhower on the grounds.  During his presidency, Eisenhower visited Augusta National 29 times.