The school was founded in 1913 by Ela Hockaday in response to a group of Dallas businessmen's demand to pioneer an academic institution for their daughters, one equal to that of their sons’ educational experiences.

As of the 1940 census, Ela Hockaday was living at the school that was located in the block between 5601 Bonita and 2407 Greenville Avenue in Dallas.

Financial aid is granted on the basis of demonstrated family need and the school's availability of funds.

[6] Hockaday competes in the Southwest Preparatory Conference (SPC) in 11 sports: basketball, cross-country, field hockey, golf, lacrosse, soccer, softball, swimming and diving, tennis, track and field, and volleyball.

Two Hockaday alumnae earned this scholarship in 2022, becoming the first two Rhodes Scholars from the same high school graduating class.