Route 432 commenced operating on 15 February 2003 between Brixton Stockwell Park Walk to Crystal Palace Parade via Effra Road - Tulse Hill - West Norwood - Elder Road - Central Hill. The route was introduced to replace the withdrawn section of route 2 between Norwood Garage and Crystal Palace. The route was initially operated by Arriva London from their Norwood (N) garage using Leyland Olympians.
On 26 July 2003, the route was extended from Crystal Palace to Anerley.
On 2 April 2005, the route was retained by Arriva London and the route was converted to low floor operation using brand new Alexander ALX400 bodied Volvo B7TLs and DAF DB250LFs.
On 3 April 2010, the route was retained by Arriva London.
On 4 April 2015, the routes were passed to London General and London Central operating from their Stockwell (SW) and Camberwell (Q) garages using Wright Eclipse Gemini 2 bodied Volvo B9TLs and Alexander Dennis Enviro 400s introduced.
In March 2018, the Alexander Dennis Enviro 400s were replaced by Wright Eclipse Gemini 3 bodied Volvo B5LHs.
- Brixton Police Station
- Tulse Hill
- West Norwood
- Anerley Hill for Crystal Palace Station
- Anerley Station Anerley Station Road