Globular cluster NGC 362 was discovered by James Dunlop on August 1, 1826 and cataloged by him as No. 62 of his catalog.
In the late 1980s, NGC 362 was compared to the otherwise similar globular NGC 288, and it was found that this cluster was about 3 billion years younger. This result was found because of differences in the color-magnitude diagrams: The so-called Horizontal Branch of NGC 362 is redder, and the turnoff point of the main sequence (hottest/bluest/most massive main sequence stars) is bluer (and brighter).