Constructed in several phases between 1904-1908, this building originally was known as "Students Home." It was renamed in 1955 to honor the memory of Richard Green Waterhouse (Class of 1885), president of the College from 1893 to 1910 and later a Methodist bishop, and his stepson, Herbert M. Carriger, who died in 1900 while enrolled as a student at Emory & Henry.

The building currently serves as a men's dormitory. Much of the building, including its large lounge, was renovated in 1994 and 1995. Behind Waterhouse-Carriger Hall, and connected by a walkway, is Matthews Hall, a men's residence hall built in 1953 and named for alumnus William M. Matthews (Class of 1902).