The band formed in 1999 after the dissolution of another band, called Perfectly Normal. Moneen's original bass player, Mark Bowser, was replaced by Chris Slorach, who left the band after the release of The Theory of Harmonial Value. Erik Hughes (who played bass for the band on their first Canadian tour) later became the permanent bass player for the band. The band released their first two albums on Smallman Records, and later signed to Vagrant Records. Smallman Records still distributes their albums in Canada. In 2005 they released a split EP with Alexisonfire on Dine Alone Records, on which each band covered two of the other's songs, plus an original song. In 2005, director Alex Liu followed the band through the recording process for The Red Tree, filming a documentary entitled The Start to This May Be the End to Another. The Red Tree was released on April 11, 2006. The documentary was released as part of The Moneen DVD: It All Started with a Red Stripe on May 13, 2008. The dvd has been nominated for a Juno Award for Music DVD of The Year. In March 2008, Moneen parted ways with their drummer Peter Krpan, who decided to start a solo project named One Grand Canyon, and acquired new drummer Steve Nunnaro as a permanent replacement. In the same announcement, the band revealed they are nine songs into their upcoming record. Moneen began recording their fourth studio album in December 2008, which is expected to be released in 2009.

Current members Erik Hughes: bass guitar, vocals Kenny Bridges: vocals, guitar Chris "Hippy" Hughes: guitar, vocals Steve Nunnaro: drums, percussion Haris Cehajic: keyboards, guitar