The college was founded by the Baptist missionaries Joshua Marshman, William Carey and William Ward (the Serampore trio), to give an education in arts and sciences to students of every "caste, colour, creed or country" and to train a ministry for the growing Church in India.

At its opening, the Trio released a prospectus which proposed "A College for the instruction of Asiatic Christian and other Youth in Eastern Literature and European Science."

The college was open to all persons of any caste or creed, and the founders ensured that no denominational test would apply to faculty members.

After 22 February 1845 when Denmark sold all of its Indian assets to Britain, the management and operation of the college continued without interruption under the direction of a master and council.

Presently, the Senate of Serampore College (University) restricts itself to award of degrees pertaining to theology.