The foundation stone was laid by the then S.D.O. (Civil) Sri Sudhanshu Mohan Routray, on 6th may, 1981, the auspicious Akshaya Trutiya, the birthday of the sage poet Sri Jayadev and began founctioning from 10th August 1981. Prior to the shifting of the College to the present campus it was being housed in the High School of Naharkanta called Maharatha Vidyapitha.

The College owes its inception to the untiring efforts of the founding authorities like Sri Sudhanshu Mohan Routray, Sri Prafulla Chandra Tripathy, Sri Prafulla Kumar Srichandan Ray, Sri Kailash Chandra Kar and the unsparing generosity of the public.

The College was initially affiliated to the Utkal University up to intermediate level in the faculty of Arts and Science in 1981-82, and subsequently grew into a degree college in Arts and Science obtaining due affiliation from the same University in 1986-87.

The College has been granted permanent concurrence by the State Government and permanent affiliation from Utkal University from 1990-1991 and 1992-1993 respectively.

As the name of the college implies the founding authorities of the college dreamt of making it a higher standard educational institution. B.Ed. Classes were opened privately in the year 1981 and 1986. P.G. Diploma in Personnel Management in 1982-83 and Diploma in Pharmacy in 1983-84 were introduced in the institution. But due to certain obstacles and the change in the policies and provisions of Government of the state this effort of the management has not been fruitful. The B.Ed. course and the P.G. Diploma in Personnel Management have been abolished. But a separate technical institution has been born by taking Pharmacy course, as a result of which Sri Jayadev College of Pharmaceutical Sciences has glorified the locality where both Diploma and Degree course in Pharmacy have been introduced.

Meanwhile by the close of one and half decade the college has become a full-aided degree college with the sanctioned strength of 256 in +2 Arts, 192 in +2 Science, 64 in +2 Commerce as well as 192 in +3 Arts, 160 in +3 Science and 128 in +3 Comm.

In 1992-93 affiliation for opening honours was obtained and honours classes in History, Political Science, Education and English were opened with a sanctioned strength of 16 each. In 1993-94 affiliation for opening of honours in Physics, Chemistry and Mathematics was granted with a sanctioned strength of 16 each. In 2010-11 affiliation for opening of honours in Botany, Zoology and Odia was granted with a sanctioned strength of 16 each.

In the academic session 2019-20, the honours seats in different subjects hiked up with a sanctioned strength of 256 in +3 Arts, 144 in Physical sciences and 112 in Biological sciences in +3 Science and 128 in +3 Commerce.

The NAAC has also accredited the college with 'B+' grade. The college has completed 37 years of its existence in the meantime.

Inspite of the progress, the institution has a number of problems due to lack of funds. The problem of accommodation and the opening of new subjects and classes are some of them. But nevertheless everyone still believes this yet to be, what it should have been. The college expects much from the State Government, political leaders, authorities of University, the benevolent public, the staff and the students.