Soon after its inception the RACP received gifts of books from the Royal College of Physicians and other institutions and individuals, and the core of a library was established.

It was supervised by clerical staff until 1967 when the first full-time professional librarian was appointed.

In the late 1950's it was realised that it was not possible to provide an efficient service to all potential readers, so the runs of clinical periodicals were sold to the University of Western Australia which was then establishing its medical school.

In the early 1960's the library began collecting material relating to the history of medicine, but it was not until 1982 that it was officially named the History of Medicine Library.

A collection policy was developed, and this is followed when purchases are made or donations accepted. The History of Medicine Library now stands as Australia's most significant collection of medical history.