Founded in 1893, the college first took boarders in 1901, and was a boys school until 1982, when it became coeducational. The current principal is Mr. Michael Kenny. Assumption College is a member of the Association of Marist Schools of Australia (AMSA), the Principals' Association of Victorian Catholic Secondary Schools (PAVCSS), the Association of Heads of Independent Schools (AHISA), and the Associated Grammar Schools of Victoria (AGSV).
Assumption also competes against one of Australia's top football schools Sacred Heart College Senior (Situated in South Australia) every year in the ACK & SHC Exchange.