Founded by William Wykeham, the Bishop of Winchester and Chancellor, in 1379 New College started by being called New St. Mary’s college. This was shortened to New College soon after. It was the first college to be designed around a quadrangle. As in other colleges it was founded so that its students would pray for the soul of its founder. Wykeham also founded a grammar school at Winchester. The college took students from there only until 1854. The college was also responsible for maintaining a section of the old city wall, which it does even today, with the wall still standing in the college gardens. The Muniment tower, formally used to protect college wealth, now a museum, contains an interesting collection of silver plates. The Elizabethan mound in the gardens is also of interest.

The college was originally set up to train priests to replace those killed by plague.