The club is part of the Melbourne High School Old Boys Association (MHSOBA), an organisation run primarily by alumni of Melbourne High School. In addition to football, MHSOBA also has cricket and field hockey clubs.
The team's founding in August 1907 was an unofficial game between the club and the school. The school side won by 58 points, but the Old Boys returned the next year to play the match again. The game became a yearly fixture. In 1912 the MHSOBFC had its first victory over past students. The games were discontinued during both World Wars, but continued to be played between them.
In 1923, the club proposed to make the move to the Metropolitan Amateur Association, but it was not until 1929 that the club entered the premiership points race. On 24 April 1928, the football club was formally established. It was fairly successful, albeit in a low grade, early in its history. A constant finals contender, it finally won the D grade in 1937, earning promotion. It won the C grade in 1939, and then after won the B grade in 1946. Since then has moved intermittently between the B and A grades barring a decline in the 1980s.
In 1939, as the MHSOB was in the midst of its rise to the A grade, the U19 club was formed. This club was immediately successful, winning the premiership in 1943 and 1945. The club did not win a premiership during the 50s, but in the 60s it became a formidable force. It won the premiership in 1960, 1961, 1962, 1963 and 1964. The five-year record run has not been matched again, with the U19s winning only two more premierships: in 1985 and 1998. In total, the U19s have won nine times.
Honours
Senior Competition Best and Fairest Awards
J.N. Woodrow Medal (A Section) – I.Turnbull 1962; J.Nelson 1964–65 (3 total); G.T. Moore Medal
B Section – J.Nelson 1959 & 1961 (1 Medallist/2 Medals); L.S. Zachariah Medal
