It was established in 1907 and the first president of the club was H H The Maharajah of Cooch Behar. Although not the oldest private members club in the city, it is notable because it was formed at a time when the existing Bengal Club only admitted whites as members. Lord Minto, the Viceroy of India at the time, had wished to invite Rajen Mookerjee to dine at the Bengal Club and, when the discriminatory policy was thus exposed, a decision was taken to form a club with a membership policy not dictated by race.
The Calcutta Club remains a popular social hub for the wealthy in the city. Ironically, despite its origins as a reaction to discrimination, the club has historically restricted membership to men. However, this was changed in 2007 and the club started admitting women members.