It was founded by the Immaculate heart of Mary sisters on June 1, 1933 upon the invitation of Monsignor Gabriel Reyes, then Archbishop of Cebu.

After the outbreak of World War II in 1941, only the primary grades were reopened in 1945 as all the school buildings were destroyed by fire and bombs.

After World War II, the Articles of Incorporation were duly reconstituted and with the Securities and Exchange Commission, Manila, October 1948.

Until August 1991 the members of the Board of Trustees of St. Theresa's College Cebu were the ICM District Superior and her Council.

As of 2016, St. Theresa's College Cebu is governed by a separate Board of Trustees with ten members, six of whom are ICMs and four non-ICMs.