The current theatre consists of the original Victory dress circle extended with the addition of a sizeable stage and a fly tower.

Drama school alumni include Bella Heathcote, Kat Stewart, Richard Cawthorne, Brett Tucker, Janet Andrewartha, Jackie Woodburne, Ngaire Dawn Fair, Lawrence Mooney, Geraldine Quinn, and Esther Hannaford.

Past directors have included Trent Baker, Ken Boucher, Dr Kim Durban, Babs MacMillan and the late Joan Harris (AM).

Past dance artistic directors have included Kathleen Gorham, Gailene Stock, Marilyn Jones and Beverly Jane Fry.

It was closed by the VCA in 2006 but the National Theatre now supports the new Opera School (Melbourne) established independently in 2008.