GTS is now part of Grace College & Seminary and is associated with Charis Fellowship, before 2018 known as the Fellowship of Grace Brethren Churches.

[2][3] Its mission statement is: "Grace Theological Seminary is a learning community dedicated to teaching, training, and transforming the whole person for local church and global ministry.

"[4] The seminary received school accreditation by the North Central Association and has been awarded accreditation by the Association of Theological Schools in the United States and Canada.

[5] Grace Theological Seminary's early beginnings were from the roots of the Schwarzenau Brethren in Schwarzenau, Germany whose beliefs were Anabaptist and Pietistic.

[6] Between 1980 and 1991 the seminary published the Grace Theological Journal.