It was founded on 29 April 1828 as St Peter's College Boat Club, but was renamed in 1873 to its present name.

While an undergraduate at the college, the later Lord Kelvin rowed for the club for one term at the end of his second year.

[7] The following year, the club sent a crew to Henley Royal Regatta for the first time, entering the Thames Challenge Cup.

[citation needed] In 1948, the Irish Olympian Danny Taylor was a coach while he lectured at Peterhouse.

[9] Distinguished coaches since then have included the double Olympic gold-medallist James Cracknell, who rowed in the Peterhouse May Bumps VIII of 2019.

In 1986, the Peterhouse 1st women's VIII managed the first ever quadruple over-bump in the history of racing in the May Bumps when they caught Clare III to rise 9 positions in a single day.

[12] During World War II, the college hosted members of the London School of Economics, who rowed in the Boat Club's shells during that time.

The tie for the first boat features a royal blue background, with a repeating pattern of three stripes, the middle one thinner than the outer ones.