Tampa Preparatory School was established in 1974, with George Wolfenden as Headmaster.

In 2002 the school moved to its new site across the street from the University of Tampa, whose campus it once shared.

Both the Middle and Upper Schools feature Active Learning Environments (ALEs).

In May 2023, Tampa Preparatory School began constructing the Genshaft & Greenbaum Building of Learning & Discovery (BOLD), a four-story complex set to become the central hub of the campus.

Tampa Prep is a member of the Florida High School Athletic Association and fields teams in sports including lacrosse, baseball, bowling, cross-country, swimming and diving, crew, volleyball, soccer, basketball, track and field, golf, tennis, wrestling, and softball.