In February 2007, Grayson's board of trustees called for a $44,790,000 bond election to expand and improve the existing campus, which was held in May and the referendum passed.

[6] This was Grayson's first bond election since the one called to create the campus in the 1960s.

The east campus is all new construction and houses the administration; the west extension is composed mainly of buildings left over by the former Perrin Air Force Base, including and vineyards which carry on the work of famed horticulturalist and Denison resident Thomas Volney Munson[7] (previously, an 18-hole golf course existed on the campus, but was closed as of 2017[update]).

As defined by the Texas Legislature, the official service area of Grayson includes all of Grayson County and territory within the following school districts in Fannin County:[8] Bonham, Dodd City, Ector, Leonard, Sam Rayburn, Savoy, Trenton, Whitewright and Wolfe City.

Grayson offers associate degrees in over 25 areas of study, and operates in partnership with West Texas A&M University to offer selected bachelor's degrees online, with student counseling provided by GC.