Matabele was laid down on 1 October 1936 and launched on 6 October 1937. Also launched on this day was Matabele‍ '​s sister HMS Punjabi. She was commissioned on 25 January 1939 and initially assigned to the 2nd Tribal Destroyer Flotilla of the Home Fleet, which was renamed the 6th Destroyer Flotilla in April 1939. 

On the outbreak of WWII, Matabele carried out duties including the interception of German shipping attempting to return to German ports and commerce raiders on passage to attack British shipping in the Atlantic, as well as patrols to intercept U-boats operating in Home waters. On 25 September she was deployed with sisters Somali and Mashona to search for the submarine Spearfish, which had been badly damaged during a patrol in the Heligoland Bight. Having successfully made contact with Spearfish on 26 September, they escorted her back to the UK under the cover of major warships of the Home Fleet.

Through October to December, Matabele carried out patrols to intercept German ships on passage for attacks on coastal shipping, as well as heading into the Atlantic Ocean for attacks on convoys . She also carried out screening duties for major Home Fleet warships. In January and February 1940 she refitted at Devonport before returning to active service in March, and took part in convoy escorts to and from Norway, as well as sweeps to intercept German warships. Whilst carrying out these duties, Matabele came under heavy air attacks on 13 April, and again on 16 April, but escaped undamaged. On 17 April she escorted the cruisers Effingham and Coventry to Bodo. On 18 April she ran aground on Foksen shoal, but managed to re-float with damage to her structure. Effingham also ran aground, but suffered serious damage. Matabele took off troops and equipment from the stricken cruiser, after which Matabele scuttled Effingham with torpedoes and gunfire.

She continued supporting operations off Norway, and then returned to the UK at the end of May for repairs and a refit at Falmouth.  She returned to active service on 19 August. She continued to serve in Home waters and off Norway.   November and December were spent operating out of Scapa Flow, including forming part of a screen for the search for the German raider Admiral Scheer which had been reported attacking Atlantic convoys

In January 1941 she screened minelaying operations off Norway and on 16 January she escorted HMS King George V, then on passage to the USA.  

In January 1942 she formed the screen, with Somali, for the cruiser Trinidad on convoy PQ-8 from Iceland to Murmansk. The convoy departed on 11 January, and came under torpedo attack on 16 January. On 17 January Matabele was hit by a torpedo from U-454 and sank almost immediately. Only two out her complement of 238 survived; they were picked up by HMS Harrier