The Phoenix Brewery takes its name from the original Phoenix Brewery that was established in 1857 at Warrenheip by James Coghlan. He went into partnership with his brother-in-law Alexander Magill. Alexander died in 1862 and James dissolved the partnership and his sister Margaret entered the business with her brother-in-law Daniel Magill.

The brewery was then known as Magills and Coghlan Phoenix Brewery. This was an extremely successful business and in 1896 and James Coghlan formed another partnership with William Tulloch and the Coghlan and Tulloch's Ballarat Brewing Company was formed. This company became a public company which took in the Royal Standard Brewery, Ballarat, the Phoenix Brewery, Warrenheip, and the Maryborough District Brewery with depots in Geelong and Hamilton.

On the 19th April 1926 the Ballarat Brewing Company introduced Bertie, the cellarman (Ballarat Bertie) to the world and was to become as iconic as Johnny Walker.