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The Presbyterian Theological College began as the Theological Hall of the Presbyterian Church of Victoria. It was founded in 1866 and from 1868 was run from Chalmers Church in the suburb of Eastern Hill. In 1871, it was moved to the Old Assembly Hall in Collins Street, Melbourne, then 10 years later in 1881 to Ormond College, University of Melbourne. In 1974, when the whole staff of the Theological Hall decided to join the Uniting Church, the continuing Presbyterian Church of Victoria opened a provisional Theological Hall in Hawthorn, with only a handful of staff and students. It remained there from 1975 until 1978, when it relocated to the top floor of the Assembly Hall building, 156 Collins Street, Melbourne.

 Since then, the College has grown steadily, attracting students from various church backgrounds and from around Australia and overseas. Graduates of the College now serve not only in Victoria but across Australia and in a number of overseas countries.

 When the Hall outgrew its premises in Collins Street, a special General Assembly in 1986 agreed to purchase the present property in Box Hill North as a new site for the College. The following year the College was officially given its current name of the Presbyterian Theological College.

 Plans for extending the College buildings were approved in 1990, the first stage of these - an administrative centre and attractive classroom - being completed in 1992. The building program was finally completed in 1996, with the expansion of the Swanton Library.

 The College now operates from this resourceful and attractive set of buildings situated within spacious and peaceful grounds close to the demographic centre of Melbourne.
 Six residential units were opened on the college property in early 2008.