[4] It was founded in 1856 following an unsuccessful attempt by members of the Anglican Church to incorporate the earlier St James's College within the new University of Sydney.

[5] The founders of the University of Sydney had initially intended to emulate the collegiate structure of Oxford and Cambridge, and the founding of St Paul's as the first of the colleges was a key development as part of this vision.

[4] By this time the College had its own distinct intellectual tradition, foreshadowed by the founders, a liberal Anglicanism which took seriously the challenges involved in combining religious and secular knowledge and in making the English Church useful to the Australian nation.

[9] At the 2010 World University Debating Championship two former Paul's students (Chris Croke and Steve Hind) took the title, winning the final against teams from Oxford, Harvard and the London School of Economics.

[10] Since the 1890s, the College has fostered social-justice ideals (as part of the liberal Anglican tradition) and most students are involved at some point in philanthropic activities.

Among the most notable Old Paulines are Sir William McMahon, 20th Prime Minister of Australia (1971–1972), Gough Whitlam, 21st Prime Minister of Australia (1972 to 1975), John Anderson, former Deputy Prime Minister of Australia (1999-2005), incumbent Chief Justice of New South Wales Andrew Bell, prominent barrister Bret Walker, journalist Tony Jones, cricketer Ed Cowan, media proprietor Warwick Oswald Fairfax and comedian Adam Spencer.

[15][16] On 6 June 2012, the University Student Representative Council passed a motion condemning the themed party by writing a letter to the College's spokesman and the Warden asking for an explanation.

[20] Michael Spence, the vice-chancellor of the University of Sydney, raised concerns regarding the "deep contempt for women" and the "cultural problems" at the College.