The story of Indraprastha College for Women is the gradual realization of the vision of empowerment and educational process that began in the heart of Old Delhi. On May 20, in 1904, the institution took its first steps in the form of Indraprastha Putri Pathshala, welcoming the first batch of students into a rented building in Gali Anar, Chandni Chowk. That same year, the Indraprastha Hindu Kanya Shikshalaya was formally inaugurated at a haveli in Naiwara. The initial years were marked by a strong sense of community and a drive to expand, culminating in a major relocation in 1907. The school moved to a more spacious haveli in Chippiwara, a response to the increasing number of girls eager for an education.

The 1920s ushered in an era of profound change, during which the school broadened its academic offerings and influence. In 1924, the institution achieved a major milestone when the Indraprastha Girls' High School was recognized as an Intermediate College of the University. Classes formally began on 27 May, 1924, formalizing the foundation of the college. It was during these formative years that the college’s strive of excellence began to shine and in 1926, Shri Raj Dulari Sharma, the first student to take admission in intermediate class, became the first enrolled student to receive the prestigious Munshi Makhanlal Gold Medal. As the student body grew more diverse, the college reached another historic milestone in 1929 by enrolling its first non-Hindu student.

The search for a permanent home led the college to the historic Alipore House in Civil Lines. While the journey to acquire this property began with an application of Lala Jugal Kishore in 1925, the college spent the interim years at Chandrawali Bhawan. By 1932, the college had matured, with a dedicated society with its own Governing Body and Board of Trustees. Academic capabilities continued to broaden, and in 1937, the institution was recognized as a degree college by University of Delhi, offering B.A. (Pass) courses. The long-held dream of a permanent campus was finally realized on August 9, 1938, when the college acquired Alipore House, its now home. This new chapter was officially inaugurated on February 7, 1939, by Vicerine Lady Linlithgow.

The middle of the century brought both challenges and expansion. In 1944, the institution adopted its current name, Indraprastha College for Women. Following the partition in 1947, the college showed its resilience and commitment to social cause by operating in double shifts to accommodate the sudden influx of students. Academic offerings grew again to include B.A. (Hons.) and M.A. classes, while the campus itself evolved with the construction of its first hostel in 1952, later named the Kalavati Gupta Hostel after the college's second principal. A unique moment of unbending spirit occurred in 1956 when students participated in "Shramdaan" to build the college's swimming pool.

The latter decades of the 20th century were marked by steady growth and modernization. The college celebrated its Silver Jubilee in 1950 with Prime Minister Pandit Jawaharlal Nehru as the guest of honor, and its Golden Jubilee in 1974, which saw Prime Minister Indira Gandhi inaugurate the college gymnasium. Academically, the college kept pace with the changing times by introducing B.Com (Hons.) in 1977 and B.Sc (Hons.) Computer Science in 1997. The century culminated in a grand Platinum Jubilee celebration in 1999, attended by Prime Minister Atal Bihari Vajpayee. The college was recognized as a heritage building in 2002 by the Government of NCT of India, recognizing the significance of its history, and the values it continues to represent, even today.