It was founded by Ioannis Varvakis, who donated a big part of his fortune to the state, in order to build a public, fee-less high school.

The realization of Varvakis' dream came true after his death as the building was opened in 1860, initially across from the present-day Varvakios Agora (central market).

[1] Badly damaged in the civil war, the original Panagis Kalkos-designed building was demolished in 1955 or 1956.

[2] The school moved several times before settling on its current location in Psychiko in 1983.

The Varvakeio High School has produced, over the years, notable alumni in varied fields.