M C College was established on 27 June 1892 by a local nobleman, Raja Girish Chandra Roy of Roynagar, Sylhet with four teachers and 18 students. The college was named after his maternal great-grandfather, Murari Chand Roy. It was located beside the present Raja GC School in Bandar Bazar. At the beginning it was a proprietary college funded by Chandra himself. The original college building collapsed in the 1897 Assam earthquake, of which Chandra himself was a victim. Though he survived the quakes, the calamity made him financially vulnerable. It was not possible for him to run the college from his own resources from thereon. He urged the government to take over the college so that it could continue as an educational institution. The government took over the college in 1908 after the death of Chandra. Then it became an aided college. On 1 April 1912 the college become fully government administered and was considered as an affiliated college of the University of Calcutta.