[1][3] Located next to St Peter's Cathedral on Pennington Terrace, the college houses 245 tertiary students in both dormitory and apartment accommodation.

The foundation of St Mark's College was driven by the demand for student accommodation, which the University of Adelaide did not provide at the time.

The Reverend Julian Bickersteth led the drive to establish a residential college, with the Anglican Synod of the Diocese of Adelaide appointing a committee to that end in September 1920.

By the end of the year, H. W. Hodgetts secured options to purchase, for about £10,000, the historic residence of Sir John Downer at Pennington Terrace, North Adelaide, together with the adjoining land on Kermode Street, a horse paddock and some old cottages.

While the proposed constitution fully safeguarded the Anglican character of the institution, it admitted a number of non-Anglicans to the council and opened the college freely to men of all faiths.

Realising that the small funds available prohibited any building, the council instructed the architect, Walter Bagot, to adapt the Downer House to accommodate a single, or temporarily detached married Master; twelve tutors and students; a cook-housekeeper garlanded with the title of Matron, and two or three maids.

A compromise was reached to name the college St Mark's, after the saint on whose day the ANZAC landing at Gallipoli took place.

Under this arrangement the council would grant the students access to beer and light wines in regulated quantities, but spirits were rigidly excluded.

By 25 March the founders had entries from a resident tutor, A. E. M. Kirwood, a university lecturer in English, and nine students, L. A. G. Symons, A. Walkley, Kells Price, S. J. Douglas, B. Griff, L. F. Casson, W. D. Walker, C. J. Glover and G. W. W. Browne.

The college was opened by the governor, Lieutenant-General Sir Tom Bridges, and blessed by Bishop Nutter Thomas.

During the initial years accommodation and equipment were severely lacking due to shortage of funds and labour costs being extremely high before the depression.

This brought on a continuous growth policy by piecemeal extensions, where the purchase of land and development of buildings was initiated when the college could afford it.

In 1934, St Mark's hosted the first inter-collegiate football match in South Australia, defeating Trinity College, Melbourne.

[4][7] St Mark's spent the closing years of the 20th century moving towards the completion of its strategic building masterplan, aiming to eventually house a maximum of 250 students.

In 2015 this was incorporated into the East Wing Building, which also included two floors of student accommodation, an academic centre, and a new multi-level resident car park.

[12] In 2020 a member of St Mark's College, James Muecke, who was in residence from 1982 to 1987, was bestowed with the honour of Australian of the Year for 2020.

The board of St Mark's is made up of professionals who are responsible for overseeing the college’s strategic direction, plans, and performance.

More senior students may apply for specific rooms within the dormitory buildings, the much sought-after Hawker House mansion,[20] or one of the many apartments with self-contained kitchen, lounge and bathroom facilities.