The Red Dragon Society was founded in 1898 upon the transfer of NYU's undergraduate college from Washington Square to University Heights.

It was founded to create a robust network for the most distinguished students in the senior class of the College of Arts and Science, and it continues to pursue this goal today.

The Red Dragon is thought to be the most selective society at NYU, tapping only a small group of rising seniors for membership each year.

There is little publicly available information about the specific traditions and practices of the society, but lists of new members have been published sporadically over the last century.

In January 2004, the Bun, an NYU icon, disappeared from College of Arts and Science Dean Matthew Santirocco's desk.

The 1934 NYU yearbook lists Elmer Ellsworth Brown, Howard Cann, and Theodore Distler amongst the faculty associated with the Society.