It was renamed in 1887 as ???Victoria College??? to mark the celebrations of Golden Jubilee of Queen Victoria. In 1957 its name was changed to ???Maharani Laxmi Bai Arts and Commerce College??? in the memory of that great, valiant and immortal freedom fighter, the Maharani Laxmi Bai of Jhansi who laid down her life on the sacred soil of Gwalior. In the year 1961, the Science departments were separated from this college and it was named as Maharani Laxmi Bai Arts & Commerce College.
The foundation stone of its magnificent building was laid on 16.07.1887. The building was completed in 1899 and was inaugurated by the then Viceroy of India, Lord Curzon, on 30th November 1899.
The college celebrated its Golden Jubilee on Nov. 12, 1941 and Diamond Jubilee on Jan 20, 1952. Its centenary celebrations were held on Feb. 17, 1992, which were presided over by the then President of the Indian Republic H. E. Sri R. Venkataraman.
This institution takes immense pride in mentioning the fact that it has produced a galaxy of stars that are radiating their lights in the socio-political firmament of this great nation. Among its alumni are great statesmen, administrators, scientists, doctors, scholars and literati, notable among them are former Prime Minister Hon???ble Shri Atal Bihari Vajpayee, Dr. R. S. Dharkar a notable surgeon of national repute and the famous poet and Ex- V. C. of Vikram University, Ujjain, Dr. Shiv Mangal Singh ???Suman???.
During 120 years of its existence, the college remained affiliated to various renowned Indian Universities like Calcutta University, Calcutta; Prayag University, Allahabad; Agra University, Agra; Vikram University, Ujjain and finally to the Jiwaji University, Gwalior after its establishment in 1964.