Addressing urban inequalities has become a pressing concern on both the global sustainable development agenda and for local policy. Improving public transport services is seen as an important area where local governments can exert influence and potentially help reduce inequalities. Existing measures of accessibility used to inform decision-making for public transport infrastructure in London show spatial disparities, yet there is a gap in understanding how these disparities vary across demographic groups and how they evolve over time—whether they are improving or worsening. In this study, we investigate the distribution of public transport accessibility based on ethnicity and income deprivation in London over the past decade. We used data from the Census 2011 and 2021 for area-level ethnicity characteristics, English Indices of Deprivation for income deprivation in 2011 and 2019, and public transport accessibility metrics from Transport for London for 2010 and 2023, all at the small area level using lower super output areas (LSOAs) in Greater London. We found that, on average, public transport accessibility in London has increased over the past decade, with 78% of LSOAs experiencing improvements. Public transport accessibility in London showed an unequal distribution in cross-sectional analyses. Lower income neighbourhoods had poorer accessibility to public transportation in 2011 and 2023 after controlling for car-ownership and population density. These disparities were particularly pronounced for underground accessibility. Temporal analyses revealed that existing inequalities with respect to income deprivation and ethnicity are generally not improving. While wealthier groups benefited most from London Underground service improvements; lower income groups benefited more from bus service improvements. We also found that car ownership levels declined in areas with substantial increases to public transport accessibility and major housing developments, but not in those with moderate improvements.