It was founded in 1854 through the amalgamation of the Victorian Institute for the Advancement of Science and the Philosophical Society of Victoria.
The first meeting of the newly amalgamated group was held on 10 July 1855 at the Museum of Natural History, chaired by a representative of the Victorian Institute, Dr J. Maund.
[1] The inaugural president was the Victorian Surveyor General Captain Andrew Clark.
Papers read at the first meeting included: In 1857 the Philosophical Institute formed an Exploration Committee with the aim of investigating the practicability of fitting out an exploring expedition.
[3] A number of prominent Victorian scientists and engineers including Redmond Barry, Clement Hodgkinson and Ferdinand von Mueller.