Rialto grew from the remains of the band Kinky Machine, which featured singer Louis Eliot and guitarist Jonny Bull. Kinky Machine released two albums: their self-titled debut in 1993 (Oxygen/MCA Records) and Bent in 1995.

In 1997, Eliot and Bull rejoined and, with the addition of bassist Julian Taylor, drummer Pete Cuthbert and keyboardist Toby Hounsham, formed Rialto. Later that year, they released their first singles, "When We're Together" and "Untouchable. The latter was re-released in January 1998 and cracked the Top 20 in the UK Singles Chart. 

Despite the anticipated arrival of their self-titled debut album, East West Records dropped them from their label, with China Records releasing the album on 13 July 1998 instead.

A six-track EP, Girl On A Train, followed in 2000, receiving accolades from NME and Q Magazines. By the time Rialto gathered to make a second album, Hounsham and Christmas had left the group, leaving them as a four-piece. The band released their second and final album, Night on Earth, in 2001.

Rialto ultimately found their audience in East and Southeast Asia, notably South Korea, where they displaced Celine Dion's "My Love Will Go On" from the number one spot with double Platinum album sales for Rialto. The group's strong Asian following would see Eliot play concerts in Hong Kong and Singapore when he went solo in 2004.

Following the band's original split, Eliot released his solo debut, the Everybody Loves You When You're Dead EP, in 2002, followed by his full-length debut, Long Way Round, on Iodine Records in 2004. In 2010, he released Kittows Moor under the name Louis Eliot and The Embers. Since 2011, Eliot has toured extensively as full time guitarist of Grace Jones's band.

In 2014, Eliot and Lily Allen teamed up to cover the late Tarka Cordell's "Shelter You" for a compilation album commemorating his life. Eliot helped Cordell write the song originally and the chords echo Rialto's "Summer's Over".

Bull co-wrote the song "Friday Night" with Lily Allen at his studio in southwest Portugal. The song ended up on her debut album Alright, Still.

Toby Hounsham now plays keyboards for The Stranglers and Mungo Jerry.

On 19th April 2023, it was announced that Rialto have reformed, and would be performing at the Shiiine On Weekender festival. 

They later confirmed their first headline London show in over two decades with tickets selling out in a matter of minutes. Two further UK dates have now been added for both London and Manchester in April.