It traces its history back to the 12th century when Bishop Absalon founded a monastery at the site, which was confiscated by the Crown after the Reformation, and ever since, on and off, it has served as an educational institution, in a variety of forms, including as a knight academy founded by Christian IV and a venue for higher learning during the Danish Golden Age.

After the Reformation in 1536, the Crown confiscated the Catholic Church's properties and the former abbey served first as an educational institution for Protestant priests before Frederick II turned it into a boarding school for an equal number of noble and commoner boys.

Efforts were made to reestablish the academy and around 1740, under the reign of Christian VI, the old buildings were rebuilt by Lauritz de Thurah, yet the plans did not materialize until Ludvig Holberg, who had no heirs, was persuaded to bequest his considerable fortune to the institution.

[1] The agreement which was ultimately settled upon exempted Holberg from paying taxes from the proceeds of his lands and to reach this end he was ennobled with title of Baron.

[1] The current main wing is designed by Peder Malling in a Neoclassical style which relies more on Greek than Roman architecture for its inspiration.

Located in the park is the Vænget building which contains Adam Wilhelm Hauch's Physical Cabinet, one of the largest collections of scientific instruments in Europe.

It is where Saxo Grammaticus wrote the famous chronicles 'Gesta Danorum', a medieval historical work recounting the early Christian history of Scandinavia.