The protestant school was founded in 1557 by Hungarian Queen Isabella Jagelló and is functioning in this building since 1602.

The prestige and reputation of the educational institution developed and strengthened starting in 1804, when Bolyai Farkas accepted the invitation tenure as Professor of Mathematics.

The son of the known mathematician, Bolyai János, has also studied here.

The artwork by Izsák István Márton and Csorvássy István was unveiled in the Bolyai square in front of the school, on the occasion of 400 years anniversary of the founding of the school, on September 8, 1957. The statue represents the school's former mathematics teacher Bolyai Farkas and his son Bolyai János, reformer of geometry and mathematical thinking. Since then the collegium was named after Bolyai Farkas.