In 1933 Bishop Constantine Bohachevsky initiated a national program for the education of native-born clergy by purchasing the former John T. Williams estate in Stamford, Connecticut, and opening the “Ukrainian Catholic High School.” The legal corporation he established was named “Ukrainian Catholic Seminary, Inc.” Initially, twenty-two young men attended this school, but the number of students increased each year. At the time, there were two kinds of students: those who lived on the campus preparing themselves for the priesthood and commuter students who did not anticipate becoming priests. The high school was then affiliated with The Catholic University of America in Washington, DC.

On October 18, 1938, at a Consultor's Meeting called by Bishop Constantine Bohachevsky, the decision was made to establish a National College Seminary on the grounds of the already existing high school. The new college needed increased funding to meet the expenses of the new facilities. Therefore, Bishop Constantine appointed the Reverend Stepan Pobutsky as the nationwide director and treasurer of a campaign to raise funds for the establishment of the College. Carrying out this mission, the Rev. Stepan Pobutsky asked the priests and parishes of the Ukrainian community to help this noble and difficult task. The people generously donated money for the College. The results of the campaign were amazing: people successfully raised a sum three times larger than originally anticipated.

On March 9, 1939, the Ukrainian Catholic Seminary applied to the legislature of the State of Connecticut to amend its charter to include the privilege of operating the college. The legislature responded favorably and in the same year Saint Basil College was chartered and authorized to confer the degree of Bachelor of Arts. The Ukrainian Catholic High School was official renamed “Saint Basil College Preparatory School.” On September 18, 1939, Saint Basil College was opened. Seventeen students graced the halls of the new unit. Of these, eleven were in the philosophy department, and six in the department of liberal arts. The first faculty included: Very Reverend Edward M. Smith, as Dean; Michael J. Nagurney, as Registrar; and Reverend Volodymyr Andrushkiw, Nicholas Chubaty, and Walter J. Heagney, as professors.

On October 22, 1942, Bishop Ambrose Senyshyn was consecrated as Auxiliary Bishop of Philadelphia with residency in Stamford and assumed the Presidency of St. Basil College. In 1956, Pope Pius XII created a second exarchy for Ukrainian Catholics in the United States, with Stamford as the Episcopal See, and Bishop Senyshyn as its first exarch. The need for a separate college campus was sorely felt, and Bishop Senyshyn began planning for the present, new College Seminary. Ground was broken in June, 1961. In August, Bishop Senyshyn was transferred to the Metropolitan See of Philadelphia and installed in November as Metropolitan-Archbishop of the Byzantine Province for Ukrainian Catholics in the United States. Construction of the new College Seminary continued uninterrupted under the newly installed Bishop of Stamford, the Most Reverend Joseph M. Schmondiuk. In the fall of 1963, the college students moved into their new quarters and the Very Rev. Peter Skrincosky was appointed first Rector of the "new" St. Basil College.

From its inception until 1985, the student body consisted primarily of Ukrainian Catholic citizens and permanent residents of the United States. It also attracted young Ukrainian Catholic men from other countries.

However, after 1990, when Ukraine became independent, it then became possible to educate young Ukrainian men who wanted to become priests and serve God. Bishop Basil Losten asked the Ukrainian community to help in the realization of this goal. Ukrainians all over the United States collected money for the College to offer these students from Ukraine full scholarships.

In the fall of 1994 twenty young men from Ukraine, Macedonia, and Slovakia arrived in the United States to study for the priesthood. A new curriculum was developed to meet the special needs of foreign-born students, with special emphasis on the teaching of English as a Second Language and courses on American history and culture. The year 1999 was special because, for the first time in its history, the College awarded diplomas to Ukrainian born seminarians. Currently, many of the College's graduates are continuing their studies for the priesthood at various graduate schools in the United States, Ukraine, and Rome.