The college has many notable alumni, including revolutionaries such as B. R. Ambedkar, Bal Gangadhar Tilak, Virchand Gandhi, Badruddin Tyabji, Pherozeshah Mehta, Nanabhai Haridas, Kashinath Trimbak Telang, Justice Mahadev Govind Ranade and Jamsetji Tata and teachers such as Dadabhai Naoroji.

This was named after Mountstuart Elphinstone, the departing Governor of the Bombay Presidency, who was responsible for beginning higher education in the city.

2,29,636.00 was collected by public subscription to fund teaching professorships in the English language and the Arts, Science, and Literature of Europe.

The classes commenced in 1836, at Town Hall, with the first two professors: Arthur Bedford Orlebar (natural philosophy) - i.e. science) and John Harkness (general literature - i.e. classics).

In 1840, the professors' classes were amalgamated with the Society's High School to form the Elphinstone Native Education Institution.

James Trubshawe, an architect who flourished in the early part of the 19th century, designed the structure, which was built by the engineer, John Adams.

The Elphinstone College played a pivotal role in the inception of The University Of Mumbai which was established in 1857, the same year as India's first revolt.

The university's initial classes were held at the college's Byculla building and were subsequently moved to the present Fort campus of the same.

Locally, the college is famous for its Romanesque Transitional style building that has been categorised as Grade I Heritage structure.

[6][7] Maharashtrotsav is a National Level Inter-College Cultural Festival organized by all the students and faculties of Elphinstone College.

In 2012–2013, marked huge progress in its type making it National Level Festival with nearly 5000 students from more than 130 colleges across India.

The name of the festival was inspired by two words: Technology [tech] and King [Tsar] and was proposed by Elphinstone College alumni Rohan Bhambhani.

The festival consists of many events such as C and Java debugging, LAN gaming, quiz, debate, photography, logo designing, grand Prix, treasure hunt, etc.