*Access to this memorial is restricted due to it being located within a New Zealand military establishment. Therefore, there is no public access unless prior clearance has been approved.

The memorial is located within Devonport Naval Base, which is the home of the Royal New Zealand Navy. The Navy's association with Devonport began when Lieutenant Governor William Hobson, a Royal Navy Officer, arrived on board HMS Herald on 21 February 1840. He established Auckland as the colony's capital, and consequently the Waitemata Harbour became a regular anchorage for warships. In 1841 Hobson established a permanent naval presence at Devonport.

The memorial wall was first unveiled by Prime Minister Sir Walter Nash on 24 May 1956. It was originally constructed from white marble faced with etched bronze panels. Some years later, having become badly weathered, it was reconstructed in black granite. A rededication ceremony was held on 26 February 2002. The memorial wall stands outside the Naval Memorial Chapel of St Christopher's.

The memorial lists the names of 352 officers and men of the Royal New Zealand Navy, Royal New Zealand Naval Reserve and Royal New Zealand Naval Volunteer Reserve who died in all parts of the world during the Second World War and who have no known grave. Most were lost or buried at sea, although the memorial also honours some who died in Japanese captivity.

Almost half of those commemorated were serving on the British cruiser HMS Neptune, which sank after striking mines in the Mediterranean on 19 December 1941. This tragedy claimed more than 750 lives, including 150 New Zealanders. The memorial includes the names of Able Seaman A.C.H Shaw from Rotorua and Ordinary Seaman I.W. Grant from Dunedin, who were the only New Zealanders killed during the Battle of the River Plate in December 1939.

A companion memorial wall sits to the left of the Naval Memorial Chapel of St Christopher's entrance. It records the names of naval personnel lost in the First World War and in conflicts since 1945 who have no known grave. Inside the chapel are a large number of other naval memorial items.