It was founded by Sir John Henry Newbolt, Chief Justice of Madras with Benjamin Guy Babington as the founder secretary.
Most of the early members were Europeans and the first Indian to be admitted was Kavali Lakshmayya who worked with Colin Mackenzie.
The journal published extensive research on geology, meteorology, fauna, flora, culture, and history.
The Government Museum, Chennai started as an extension of the Madras Literary Society library in Nungambakkam before moving to the present premises in Pantheon Road, Egmore.
The main library continues to exist in the premises of the DPI , taken care of by a dedicated committee members and patrons.