She was initially commissioned in February 1701 under the command of her designer, Rear-Admiral the Marquis of Carmarthen. In 1702 she was placed under the command of Lieutenant William Sanderson who remained in command until 1714 (he was promoted to captain in January 1713). She conveyed the new King of the United Kingdom, the Hanoverian George I from Germany to England in August 1714.
Following her decommissioning, she was then converted into a permanent Royal yacht and renamed HMS Carolina by Order of 29 May 1716. She was recommissioned in her new role under Captain Galfridus Walpole from 1716 to 1720, and subsequently served under the command of Captain John Guy from 1721 to 1729, and then Captain Charles Hardy from 1730 to 1732.
She was then rebuilt as the Royal yacht Royal Caroline; recommissioned in 1733 under Sir Charles Hardy again (until 1741), she was subsequently commanded as a Sixth Rate by Captain Charley Molloy (until decommissioned in 1749). She served finally as the sloop Peregrine until December 1761 when, while under Lieutenant & Commander Edward Knowles, she foundered with all hands in the English Channel on or soon after 28 December.