The College was established in 2003 with approval from the State Government to operate on a "permanently unaided basis." Affiliated with the University of Mumbai, the institution is conveniently located on Mithagar Road, Mulund (East), within walking distance of Mulund railway station on the Central line.

Initially, the College offered only B.Com. and B.Sc. (Information Technology) programs. Over the years, it expanded its academic portfolio to include B.Sc. (Computer Science), B.Com. (Banking & Insurance), BMS (Bachelor of Management Studies), B.Com. (Accounting & Finance), and BAMMC (formerly BMM - Bachelor of Mass Media). Additionally, Kannada was introduced as a subject for the B.A. program in 2009.

In the same year, the College was renamed VPM’s Ramniklal Zaveribhai Shah College of Arts, Science, and Commerce. The institution has several committees to oversee its administrative and academic operations. The Internal Quality Assurance Cell (IQAC) plays a pivotal role in ensuring continuous quality enhancement. Its scope includes overseeing admissions, sports, cultural activities, intra- and inter-collegiate competitions, academic results, infrastructure development, grievance redressal, and student counseling. Supporting the efficient functioning of the College, the Local Managing Committee (LMC) facilitates effective administration.

Since the academic year 2008–09, the College has implemented Government of India Scholarships and Freeships for students belonging to SC, ST, NT, and OBC categories. From February 2009, the Social Welfare Department of the Government of Maharashtra has also sanctioned Scholarships and Freeships, which are disbursed transparently to eligible and deserving candidates.