The background of the Ness Wadia College of Commerce can be traced back to June 1959 when the first Pre-degree Commerce class was started under the auspices of the Modern Education Society. The class then used to be held in the adjacent building of the Nowrosjee Wadia College of Arts and Science. In the years that followed the endeavour met with an increasingly enthusiastic response from the student community and soon a need to establish a full-fledged commerce college was keenly felt.

In 1969, the Commerce wing, thus, came to be established as an independent college of commerce, named after Sir Ness Wadia, (1873-1952), the renowned industrialist and philanthropist of his times. The Modern Education Society is deeply indebted to Sir Ness as well as his brother Sir Cusrow for their unstinting support to its endeavour. The College moved into its present premises with a building of its own in 1971. The College was inaugurated on 15th July 1969, by Dr. H. V. Pataskar,the then Vice-chancellor of the University of Pune.