The school was founded in 1929 and has a current enrollment of 4,500 students from primary class to secondary.
Lumbini College was established on 29 February 1929, as the Havelock Town Junior Mixed School, with 114 students.
The school was originally situated in Skelton Road, Colombo.
In 2010 the primary school section was moved to a location in Wellawatte as a result of growth in enrolments, merging with Wallawatta Maha Vidyalaya, which was renamed Lumbini College.
The school's secondary classes have remained at the original location.