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 endeavor 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 endeavor. 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. It moved into its present premises with a building of its own in 1971.
It came to be headed by the late Dr. B. S. Bhanage, one of the leading scholars of his times who later became the Vice-chancellor of Shivaji University. He was followed in 1972 by Professor V. K. Nulkar who retired in 1991. Professor Dr. H. M. Shaikh took over charge of the College from Principal Nulkar and remained Principal of the College till February 2000 when he retired. Dr. Ms. V. S. Devdhar took over as Principal in Feb 2000 on Principal Shaikh’s retirement. After her retirement in June 2009 Dr. H. V. Deosthali worked as Acting Principal till Dr. M. M. Andar took over on his retirement in January 2010. After the retirement of Dr. M.M. Andar, Dr. Girija Shankar has been working as a Acting Principal since 1st May 2017.