The company has its foundation in the Eveready Battery Company, which in 1980 changed the name of its Eveready Alkaline Power Cell to Energizer. In 1986, Eveready Battery Company was sold to animal and human food manufacturer Ralston Purina. In 2000, Ralston spun off Eveready, and it was listed on the New York Stock Exchange as Energizer Holdings, Inc..

In 2003 under the leadership of then Chief Executive Officer J. Patrick Mulcahy, Energizer Holdings started expanding into the personal care product sector by buying personal care and razor brand Schick and gardening tools and razor brand Wilkinson Sword from Pfizer.

In 2005, after Hurricane Katrina, Energizer worked with the Red Cross to donate flashlights, batteries, razors and funds to help Hurricane Katrina relief workers and victims. On November 3, 2005, Energizer Holdings Inc.said that higher sales of its Schick razors and blades partially offset lower sales of its batteries in North America. On a constant-currency basis, sales at Energizer rose 4 percent in its fourth quarter. 

In October 2007, the company acquired Playtex Products, Inc. for $1.9 billion. The purchase included sunscreen brand Hawaiian Tropic, which Playtex had bought a few months earlier, and Sun Pharmaceuticals Corp., which manufactures the Banana Boat sunscreen products. 

In 2009, Energizer acquired Edge and Skintimate shaving gels from S.C. Johnson & Son.

In October 2010, Energizer announced it was the winning bidder for privately held American Safety Razor in a bankruptcy court auction.

The maker of Banana Boat sunscreen recalled a half-million bottles of spray-on lotion after reports that a handful of people have caught on fire after applying the product and coming in contact with an open flame.

On October 19, 2012 Energizer Holdings said it was withdrawing 23 varieties of its Banana Boat brand of UltraMist spray-on sunscreen lotion from stores due to the risk of it igniting when exposed to fire.

On July 31, 2013, Energizer bought the Stayfree, Carefree and o.b. brands from Johnson & Johnson for $185 million. The purchase was only for the brands in North America - Johnson & Johnson continues to own the brands in all other regions of the world.[14]

On April 30, 2014, Energizer announced that by September 2015 it would separate its two lines of business into two publicly traded companies. The household business, with revenue of $1.9 billion in the latest fiscal year, would have Energizer chairman J. Patrick Mulcahy as its chairman and unit chief Alan Hoskins as CEO, and would sell batteries, flashlights and lamps. The personal care company, whose revenue was $2.6 billion, would have Energizer CEO Ward Klein serving as chairman and current unit head David Hatfield as CEO, and would sell feminine products from Playtex, Carefree, o.b. and Stayfree; shaving products from Schick, Edge, Skintimate and Wilkinson Sword; and suntan products from Hawaiian Tropic and Banana Boat.