In the month of January 1952, with an intake at nearly 400 boys who constituted the overflow from the Royal Primary Greenlands College, was born in coconut grove amidst the lush greenery of Havelock Town on Greenlands Road, about 7 acres in extent. The first Principal was Mr. B.A. Kuruppu (1.1.1952 - 11.10.1959) who was then the vice principal of Green Street Central College, Kotahena.

The initial admissions were made by a Board which comprised of Principals of Royal and Thurstan Colleges and the Head Master of Royal Primary classes organized in all three streams - Sinhala, Tamil and English, with a tutorial staff of seven teachers, the college made steady progress.

The college crest was designed by the first Principal with the assistance of Mr. J.D.A. Perera and Mr. Stanley Abeysinghe of Heywood School of Art, with the lighted lamp and open book and motto "STRIVE WITH DETERINATION" which is acceptable to children of all religions. The college colours Dark and Light Green was selected from the name of college "Greenlands College".

Mr. Kuruppu inaugurated the House system of the college perpetuating the four great poets, Rahula, Tagore, Iqbal, and Milton. The first sportsmeet was held in March 1953 and the first prize giving in 1954.

The first issue of the College magazine was out as early as 1954. In 1956 "Vihara Mandiraya and Chaitya" was built to commemorate "Buddha Jayanthi year" at school premises. The college seemed to have adapted itself to the socio-cultural changes which were taking place since Buddha Jayanthi in 1956 which led to the renaming of the college on 2.5.1961. Greenlands Road had been renamed as "Isipathana Mawatha" after "Isipathanaramaya" temple and it was deemed to be in fitness of things that the school should also be renamed as "Isipathana Maha Vidyalaya", within a decade "Greenlands" became "Isipathana".

On 1.3.1962 the college was divided into 2 schools as "Kanishta" (Junior) and "Jeshta" (Upper) Vidyalayas with two Principals in 1975 the Education Department amalgamated "Kanishta Vidyalaya" with the "Maha Vidyalaya".

The college today has a student roll of over 4000 and over 175 teachers.

The college will be celebrating its Golden Jubilee next year.