The N-class 2-8-2 freight locomotives were designed as a main-line version of the successful K-class 2-8-0 locomotives.  A total of 83 were built, with the original 30 "first series" locomotives constructed by the Victorian Railways Newport Workshops between 1925 and 1931.  The design was considered successful and therefore post-war locomotive shortages prompted an order for a further 50 "second series" N-class locomotives from the North British Locomotive Company, Glasgow and a further 20 from Newport Workshops.

The post-war locomotives shortages were rapidly being overcome by the delivery of other steam and diesel locomotives and the Victorian Railways found it had a surplus of steam power.  Accordingly the construction of the final 20 N-class locomotives at Newport workshop was curtailed with only 3 completed; N 432 was the third and became the last steam locomotive to be built at Newport Workshops.  In addition, 10 of the North British built N-class locomotives were sold virtually new to the South Australian Railways in 1951, where they became the 750 class.

The N-class locomotives were withdrawn by Victorian Railways between the mid-1950's and 1966.  While the Victorian Railways retained a few dozen modern steam locomotives of the K and J-class for storage and workshop shunting duties, the N-class was excluded.  Significant numbers of D3, K and J class locomotives were preserved in local parks, but none of the N-class were included - presumably because their somewhat heavier weight meant they had higher scrap value that D3, K or J class locomotives.  N 432 is now the last original N-class locomotive surviving in Victoria and is statically displayed at the ARHS Museum at North Williamstown.  One of the 10 locomotives sold to the South Australian Railways also survives - the former N 477 which became South Australian Railways No. 752 which is displayed at the National Railway Museum, Port Adelaide.

In addition, the Locomotive Restoration Group Inc at Newport Workshops is progressing with their "N 441 Project" to convert K-class 2-8-0 K 154 to a first-series N-class 2-8-2 Mikado.