The name of the college is derived from the Aboriginal word for the Sydney Cove area, "Warrang", highlighting the recognition by Warrane and UNSW of Australia's indigenous people as original inhabitants of the land on which they are located.

The prehistory of Warrane can be traced to the 1950s, when the Catholic archbishop of Sydney, Sir Norman Thomas Gilroy, first came into contact with members of Opus Dei and a sample of their educational initiatives in Europe.

Opus Dei, an institution of the Catholic Church, provided the opportunity for this desire to become a reality[2] and was invited to operate the college.

Education Development Association (EDA), a not-for-profit company and a registered charity, was set up to represent Warrane College and future initiatives of similar nature.

Warrane began operating at its present site in 1971 in an eight storey building on Anzac Parade, Kensington, in the south-western corner of the UNSW campus.

The college hosts several faculty nights during the year with guest speakers in specific fields talking to residents about career options, the "big picture" of their profession and how to serve society through their work.

The annual social calendar includes harbour cruises and wine and cheese nights organised with colleges from UNSW and other universities in Sydney.

The Activities Committee organises regular visits to cultural events such as concerts at the Sydney Opera House, exhibitions at Art Galleries and museums and intra-College debating nights.

Warrane organises weekly community service events including visits to nursing homes and homeless people in the Sydney CBD, blood and plasma donations and the annual workcamp.