[1] Its foundational principles were diffusing the knowledge of, and facilitating the general introduction of useful mechanical inventions and improvements, as well as enhancing the application of science to the common purposes of life (including through teaching, courses of philosophical lectures, and experiments).

The Royal Institution was founded as the result of a proposal by Sir Benjamin Thompson (Count Rumford) for the "formation by Subscription, in the Metropolis of the British Empire, of a Public Institution for diffusing the Knowledge and facilitating the general Introduction of useful Mechanical Inventions and Improvements, and for the teaching by courses of Philosophical Lectures and Experiments, the application of Science to the Common Purposes of Life".

In June of that year, the society elected George Finch, 9th Earl of Winchilsea as its first president, and in July it purchased the 21 Albemarle Street, Mayfair building that has served as its home ever since.

The first Professor and Public Lecturer in Experimental Philosophy, Mechanics and Chemistry was Dr Thomas Garnett, whom Rumford poached from the newly founded Andersonian Institute in Glasgow in October 1799.

[5] Despite Garnett's first lectures being a great success, his salary was frozen, he was not allowed to practise as a doctor, and Humphry Davy was appointed as his assistant, so he resigned.

Ten chemical elements including sodium were discovered there; the electric generator was devised at the Institution, and much of the early work on the atomic structure of crystals was carried out within it.

The Royal Institution was founded during the age of slavery, and one of its major supporters was John Fuller, whose fortune derived from two Jamaican plantations.

Fuller contributed more than £10,000 to the institution, including endowing two professorships; Michael Faraday was the first Fullerian Professor of Chemistry.

[14] From 1998 to 8 January 2010, the director of the Royal Institution was Baroness Susan Greenfield, but following a review,[15] the position was abolished for being "no longer affordable".

[17] The RI's official statement stated it would "continue to deliver its main charitable objectives under the direction of chief executive officer, Chris Rofe and a talented senior team including Professor Quentin Pankhurst, the Director of the Davy-Faraday Research Laboratory, Dr Gail Cardew, the Head of Programmes and Professor Frank James, Head of Collections and Heritage.

The strategy,[24] which sets out to double the charity's size, involves "plans for new research, development of a new national science club and open forum public policy debates".

The Friday Evening Discourses are monthly lectures given by eminent scientists, each limited to exactly one hour, a tradition started by Faraday.

[31] In May 2015, The Royal Institution was host to the historic unveiling of the Santara Computer, created by Dr Andrew Deonarine.

The Royal Institution has become a mixed tenancy office building that hosts conferences, weddings and events[35] in order to pay its bills.

They occupy rooms that were once the private living quarters of Michael Faraday, where they carry out their research in theoretical physics and mathematics.