[2] It was established as the Buddhist English high school by Colonel Henry Steel Olcott in 1886, following the national renaissance which took place in latter half of the colonial Ceylon.

That year, Mr. Tudor Rajapaksha donated 3.2 acres (13,000 m2) of land[4] and the school was relocated in the suburb of Maradana.

On 17 August 1895, the former English Buddhist School was renamed to Ananda College Colombo with R. A. Mirando serving as its manager till his death during the 1915 riots.

[5] Completed under Col. E. A. Perusinghe, Late Governor, Honourable William Gopallawa handed over the Viharaya to the School on 6 March 1969.

[11][12][13][14] Olcott oration is an annual event organized by the old boys association of Ananda College, which commemorate the founder Colonel Henry Steel Olcott of Ananda College and other leading Buddhist schools in Sri Lanka.

Every year famous personalities who educated at Ananda College, share their own experience for the "Olcott oration" and renowned dignitaries who have delivered the oration in the past, include Prof. Nimal Rajapakshe, Prof. Sumedha Chandana Wirasinghe and Prof. Ravindra Fernando.

Lieutenant A. P. N. C. De S. Vaas Gunawardene on 23 July 1983 became the first Anandian officer to sacrifice his life while in the Military.