It was founded in 1839 by British soldier, administrator and meteorologist Sir William Reid, who was Governor and Commander-in-Chief of Bermuda from 1839 to 1846.

It is only open during traditional daytime hours Monday through Friday and on Saturdays.

The library offers on-line services available to residents who register and obtain a membership number.

The services include an online catalog, EBSCO, host of a collection of databases, a digital collection of archived editions of historic newspapers preserved on microfiche, eBook downloads, Freegal Music downloads, Project Gutenberg, Freading, Britannica Online and online tutoring services through Tutor.com for those that have library membership.

The digital collection offers an online archived repository of preserved works such as Bermuda Recorder dating from 1933 (although the paper began in 1925), the Royal Gazette with editions dating from 1784, the Bermuda Sun, Mid-Ocean News, the Workers Voice which is still published, Fame Magazine and Bermuda Sports (from 1951 to 1957).