Bänd alustas tegevust 2001. aastal. Bändi liikmed on Gerard Way, Ray Toro, Frank Iero ja Mikey Way. Varajane karjäär (2001-2002) Bänd formeerus, kui umbes üks nädal pärast 9.11.2001 rünnakuid said kokku Gerard Way ja endine trummar Matt Pelissier. Gerard oli näinud, kuidas lennukid World Trade Center'isse sisse lendasid. See mõjutas tema elu nii palju, et ta otsustas alustada bändi. Gerard kirjutas oma esimesee laulu "Skylines and Turnstiles", et väljendada oma tundeid 11. septembri kohta. Mõne aja pärast helistati Ray Torole ja kutsuti ta bändi, kuna sel ajal ei suutnud Gerard laulda ja samal ajal kitarri mängida. Bändi esimesed lindistused tehti Matti pööningul, kus laulud "Our Lady of Sorrows" (sel hetkel nime all "Bring More Knives") ja "Cubicles" linti võeti. Mikey Way'le, Gerardi nooremale vennale, meeldisid demod nii palju, et ta otsustas bändiga liituda. Bändi nime võttis Mikey Way Irvine
less than thirty minutes. I tipped my head back and followed the line of the building all the way up to the slender ribbon of sky. The Crossfire was seriously impressive, a sleek spire of gleaming sapphire that pierced the clouds. I knew from my previous interviews that the interior on the other side of the ornate copper-framed revolving doors was just as awe-inspiring, with golden-veined marble floors and walls, and brushed aluminum security desk and turnstiles. I pulled my new ID card out of the inner pocket of my pants and held it up for the two guards in black business suits at the desk. They stopped me anyway, no doubt because I was majorly underdressed, but then they cleared me through. After I completed an elevator ride up to the twentieth floor, I'd have a general time frame for the whole route from door to door. Score. I was walking toward the bank of elevators when a svelte, beautifully groomed brunette
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