The Palace of Placentia, also known as Greenwich Palace,

was an English royal residence that was initially built by Prince Humphrey, Duke of Gloucester, in 1443. Over the centuries it took several different forms, until it was turned into a hospital in the 1690s. The palace was a place designed for pleasure, entertainment and an escape from the city. In 1447, Humphrey fell out of favour with Henry VI and was arrested for high treason. He died in prison, likely due to a stroke, though it was popularly believed that he was murdered (as is depicted in William Shakespeare's plays about Henry VI). Margaret of Anjou took over Bella Court, renaming it the Palace of Placentia, sometimes written as the 'Palace of Pleasaunce'. The friary church served as the chapel royal at Greenwich and was used for royal baptisms and marriages, including marriage of Henry VIII and Catherine of Aragon and the christenings of the future queens Mary I and Elizabeth I. However, the friars were persecuted during the English Reformation and finally expelled by Elizabeth I in 1559.

In the next centuries, the name "Greenwich Palace" was commonly used. Henry VII rebuilt the palace between 1498 and 1504. The master mason was Robert Vertue. The design included new plans or "platt of Greenwich which was devised by the Queen", which highlights the key contribution of Elizabeth of York for the rebuild. The King's lodgings were on the bank of the Thames, including a five-storey tower or donjon. The tower and lodgings seem to have derived from Burgundian precedents such as the (now demolished) Ducal Palace at Ghent and the Princehof at Bruges. Greenwich remained the principal royal palace for the next two centuries. On 1 May 1515, Henry VIII and Catherine of Aragon rode from Greenwich Palace to have breakfast in an arbour constructed in a wood at Shooter's Hill. Catherine and her ladies were dressed in Spanish-style riding gear, Henry was in green velvet. The royal guard was disguised as Robin Hood and his men, and there was a pageant and masque. The palace was the birthplace of Mary I in 1516.

After Henry VIII's marriage to Anne Boleyn, his daughter, later Elizabeth I, was born at Greenwich Palace in 1533. New wooden coops were made for the peacocks and a pelican, further from the palace, as their calls disturbed Anne Boleyn in the mornings. Henry VIII married Anne of Cleves at Greenwich in 1540. A fallen tree in Greenwich Park is known as Queen Elizabeth's Oak, in which she is reputed to have played as a child.

Both Mary and Elizabeth lived at Greenwich Palace for some years during the sixteenth century, but during the reigns of James I and Charles I, the Queen's House was erected to the south of the palace. When James I ordered the redecoration of the chapel in May 1623, it had not been refurbished since the reign of Mary I. The palace fell into disrepair during the English Civil War, serving time as a biscuit factory and a prisoner-of-war camp.

In 1660, Charles II decided to rebuild the palace, engaging John Webb as the architect for a new King's House. The only section of the new building to be completed was the east range of the present King Charles Court, but this was never occupied as a royal residence.

The original building was constructed primarily with brick and timber. The initial palace design had state apartments, a chapel, a five-storey viewing tower, and two octagonal towers overlooking the tiltyard. The chapel, which was rebuilt by Henry VIII, featured stained-glass windows and black-and-white glazed tiles. The main face of the building looked out over the river Thames. It extended along 200m of the bank of the river and was accessible by boat. Piles from the original Tudor-era jetty remain today. Its red-brick exterior showcased the monarchy's wealth as the material was expensive to manufacture and considered an extravagance. Aside from chapel renovations, Henry VIII also added an armoury, stables, and a banquet hall to the original palace.

During the early 17th century, as the palace was being rebuilt, Anne of Denmark commissioned several buildings including the Queen's House, three rooms along the garden,

Archeological work in 2017 gave new insight into the architecture of the old palace. One of the more notable findings was lead-glazed tiles. These tiles were probably used as the flooring for the service areas such as the kitchen. The buildings are today occupied by the University of Greenwich and the music faculty of Trinity Laban Conservatoire of Music and Dance.

Construction work for drains in late 2005 identified previously unknown Tudor remains. A full archaeological excavation completed in January 2006 found the Tudor Chapel and Vestry with its tiled floor in situ. The vestry of the old palace was not demolished and later became the home of the treasurer of Greenwich Hospital.

During construction of the visitors' centre for the painted hall in 2017, two more Tudor palace rooms were uncovered. One room contained bee holes for keeping hives in the winter. The other was believed to be part of the service range.