In the beginning, the Maximilián shaft made the Ján, Gräfi and Špitaler veins accessible and enabled mining, and later also the Bieber, Terézia and Wolf veins. The beginnings of the Maximilian shaft date back to the beginning of the 17th century; specifically, on 14 May 1612, a place was chosen for its digging.

Originally, the shaft was only to serve for the ventilation purposes of the Matej adit, which had already the Ján and Gräfi veins pierced in 1608, and in the following years, the digging of the trench to the Špitaler vein continued, for which the Maximilian shaft was necessary as an auxiliary mining work. The level of the Matej adit in the vicinity of the Maximilián shaft is indicated on some mining maps as the 1st horizon. In the following period, the shaft was deepened as needed, mainly due to the progress of mining works to depth. In 1771, it was necessary to excavate only 6 meters to the Hereditary Adit of Emperor František and connect with this important mine drainage work. In 1865, the shaft was already 352 m deep, and in 1885 it was already connected to the 12th horizon (the level of the Voznicka heritage adit), which at that time was the lowest horizon of the entire Banská Štiavnice deposit. The final depth of the shaft was 427.1 m. Originally, a horse-drawn carriage was built above the Maximilián shaft for vertical transport. In 1837, a water-column traction machine was installed in the shaft at the level of the Svätotrojičná heritage adit, which was in operation until 1926. At the beginning of the 20th century, the shaft was still maintained, but its operation was minimal. In the years 1917-1918, an underground hydroelectric power plant began to be built on the shaft. It was to be built at the level of the hereditary gallery of Emperor Jozef II. (12th horizon) and driving water was to be supplied from the Windšachta, both Richňavské and Bakomi reservoirs. A Pelton turbine with a capacity of 100 l/sec., a head of water of 419 m, and a power of 430 horses was ordered from the company Ganz from Budapest. At the same time, relatively large-scale works were carried out. At the level of the 12th horizon, the area of the future hydroelectric power plant was excavated, and a new shaft building with a traction tower was built on the surface. A ditch was concreted for water supply in the field. In 1919, a review of the hydroelectric project was carried out, in which it was found that the amount of water to drive the turbine would only be sufficient for 81 days of the year. Therefore, further work on the construction of the hydroelectric power plant was stopped and the project was not completed. Subsequently, the operation of the shaft slowed down. In 1933, the shaft was re-commissioned. From the surface to the level of Emperor František's heritage adit (5th horizon), new reinforcement was made in the shaft, and an electric traction machine from the Ferdinand shaft in Kremnica was put into operation for subsequent mining. After World War II, the Maximilián shaft was one of the main mining sections of the Rudné bane plant in Banská Štiavnica.