The institute's mission is "the relief of pain and suffering, and the promotion of well-being, through an understanding of the fundamental mechanisms of cardiovascular disease".

[4] The Victor Chang Cardiac Research Institute was officially launched on 14 February 1994, by Prime Minister Paul Keating, with Kerry Packer AC as patron, and Professor Robert Graham as executive director.

It was named in honour of heart transplant surgeon Victor Chang, who died in Sydney under tragic circumstances on 4 July 1991.

On 27 February 1995, the institute was accredited as an independent research facility with Neville Wran AC, QC as its inaugural chairman.

The Princess attended the Victor Chang Cardiac Research Institute Royal Ball as the Guest of Honour on 31 October 1996.

[7] Following the death of Diana, the institute established the inaugural Princess' Lecture which was first delivered by Professor Sir Magdi Yacoub in 1998.

The Royal Ball aimed to raise funds to develop a purpose-built, world class research centre in honour of Victor Chang.

Led by Professor Livia Hool, the expansion marks the initial phase of the institute's plans to enhance cardiovascular research in Western Australia.