The school is located on the Mornington Peninsula, above Port Phillip Bay in Mount Eliza, a town approximately forty kilometres south of Melbourne, Victoria, Australia.

The founding principal in 1854 was John Stevens Miller, a Scot who had been involved in several schools since his arrival in Victoria.

His successor, John Thomas Craig, was also a Scot and consequently the school maintained a nominal association with the Presbyterian church for some years.

Toorak College was a very small school when its next principal, Ellen Blundell Pye, arrived late in 1899.

Slowly, the number of pupils increased and a school spirit developed, expressed in the "Games Song" written during this period.

The parents and "old girls" of the school came to its rescue late in 1926, as it was proposed to close Toorak College.

After speech night, in 1926, a committee of parents was established for the purpose of continuing Toorak College as a private company.

The school was moved into temporary premises known as "The Towers", on Lansell Road, Toorak, while a new home was found for it.

[11] For the next fifteen years, during which the Hamiltons retired and the country suffered another economic depression and then a war, enrolments were very low and the school continued only because of the support of its pupils, past and present.One sign of a recovery in Toorak College's fortunes was when Mrs Wardle (headmistress 1943–1958) established junior classes.

These were held in places as far apart as the "Long Walk" (new year nine block), the "Elephant", and the "Dolls House", until 1957 when, due to the gifts of Sir Reginald Ansett and Sir Norman Carson, two benefactors of the school, a separate junior school was built on Charles Street, and named Wardle House.

The growth of the Mornington Peninsula as a residential zone created a demand for education for day girls, and the years Lillian Bush spent as headmistress (1961–1966) saw great developments in facilities at the school.

They are responsible for representing the voice of their peers, liaising with college staff and the executive, as well as planning and organising school events.

It is the duty of the head and deputy head girls to chair the student representative council and other college leadership groups, as well as to represent the school at events such as gala evenings, balls, fundraising dinners, open days and student forums.

Upon entering year seven, students become a member of one of the six houses, Cerutty, Douglas, Hamilton, Mayfield, Pye or Tripp.

Cerutty – blue and white Douglas – red and gold Hamilton – blue and gold Mayfield – red and blue Pye – green and gold Tripp – red and white These colours are used to distinguish house members at house events and competitions, with students dressing in costumes representing their house colours, including face paint for large sporting events.

This award is very prestigious and an achievement which is an indication of the students' extensive involvement dedication, passion, house spirit and consideration.

[14] Toorak College's grounds cover 11.5 hectares, sloping down towards Port Philip Bay.

This facility provides girls with an interactive lecture theatre, equipped with computer networking and desks for 134 students; three adjoining "breakout rooms" for year 11 and 12 classes of 6–12 students; a silent study room, equipped with individual computer networked alcoves for exam preparation and general senior study, accessible print and copy facilities and also a large student common room.

[15] The library is also home to the Toorak College Old Girls' Association Archives Centre which houses the Elizabeth Beischer memorabilia collection.

[15] There is a sport and performing arts complex (the Marjorie Williams Centre) which includes a gymnasium (basketball court), dance studio, drama rooms including a theatre for performance, two squash courts and two weight-training rooms.