The college was founded on 1 August 1946 by Kumar Debaprasad Garga Bahadur, the then "Raja" of Mahishadal and a celebrity in the field of music and fine arts.

[3] The college offers different undergraduate and postgraduate courses in the science, arts, and commerce branch.

This college aims at imparting education to the undergraduates of lower- and middle-class people of Mahishadal, Haldia and its adjoining areas.

The arts and commerce faculty consists of the departments of Bengali, English, Sanskrit, History, Political Science, Philosophy, Geography, Education, Physical Education, Music, Sociology, and Commerce (Accounting and Finance).

In 2016 Mahishadal Raj College has been awarded A grade by the National Assessment and Accreditation Council (NAAC).