As a result of its lengthy waiting list, in 1830 the Oxford and Cambridge University Club was founded.

[1] Dr Peter North, the vice chancellor of Oxford, stated at the time that the "'university council has asked the law department to consider our legal position in relation to the use of the universities' names and our coats of arms'".

[2] Four months later, the club voted to allow lady associate members "access to the main staircase and the library", provided they pay an extra fee of £100.

One of the ways in which the club fosters its relationship with the two universities is by offering honorary membership for their terms of office to the vice chancellors and heads of house.

In 1952 the club extended its premises to incorporate the neighbouring house, 77 Pall Mall, formerly the home of Princess Marie Louise, a granddaughter of Queen Victoria.

In November 2017, a backup computer drive containing the personal details of 5000 of the club's members, among them Stephen Fry and Martin Rees, was stolen from a locked room inside the premises.

The information stored on it is said to include names, home addresses, phone numbers, and some bank details.