It was founded in 1880 by a bequest from the estate of Sir Richard Wallace, local landowner, Unionist MP and philanthropist, and was originally named Lisburn Intermediate and University School.

The post-war years witnessed rapid growth in pupil numbers and consequent accommodation provision.

Land was purchased at Clonevin Park, initially for playing fields, and when the Antrim Road site proved inadequate, the decision was taken to build a new school in these extensive grounds.

There is a fitness suite which was also unveiled on 4 October which included four power racks, a free weights area with weight-lifting platforms, a blue astro-turf track for conditioning and warm-ups, plate loaded resistance machines and cardio equipment.

In 2011 the hockey girls created history by reaching the final of the Ulster Senior Schoolgirls' Cup for the first time, only to lose on penalties.