The club was founded at a meeting of the elite of the town at "Hill View" in response to a notice issued for the purpose by the then Diwan T. Rama Rao and K. Krishna Swami Rao on 02.06.1890. The meeting discussed the need for a cosmopolitan club for Trivandrum and decided to start one under the name "The Union Club". Diwan T.Rama Rao was elected the first President. The club was housed in a rented building in Thycaud owned by Sri A.N.Thampi.
The construction of a new building at Vazhuthacaud was immediately taken up in the next year. When the building was ready, the club requested His Highness Sri Mulam Thirunal Rama Varma, Maharaja of Travancore to honour the institution by paying a visit to it. His Highness kindly acceded to the request and visited the club. An address was presented to his Highness and a request was made that His Highness might be graciously pleased to permit the club, to name the club after His Highness. The address also requested His Highness to be pleased to become the patron of the club. Both these requests were graciously complied with and the club was called "The Sri Mulam Rama Varma Union Club". Later in two years, the name of the club was shortened to "Sri Mulam Club".
In the annals of the club, the years 1939 and 1940 marked the hey-day. Sachivottama Sir C.P.Ramaswamy Iyer, the then Diwan of Travancore, laid the foundation stone for the club's new building on 6.7.1939. In doing so, he also became the first life member of the club which thus got a strong pillar of support. The new building was completed in record time and was opened on 14.9.1940 by His Highness Sri Chithira Thirunal Maharaja of Travancore. The Maharaja was pleased to become the patron of the club with H.H Maharani Sethu Parvathy Bai as the Vice Patron. This event contributed very much to heighten the grandeur of the club’s golden jubilee celebration. The diamond jubilee was also celebrated in 1971.
"A club is not merely a scene for passing diversion and the refreshment and activities for which the body and spirit crave when the day's task is done, but should also be a second home for the cultivation of those qualities which make for good fellowship and healthy citizenship. The distinguished names which adorned the rolls of this club in the past will not only be a memory, but a constant stimulus and I have no doubt that the present worthy successors of this tradition will maintain and pass on to coming generations the lofty ideals, which shall enshrined within this handsome home." - His Highness Sri Chithira Thirunal Maharaja of Travancore in his speech made on 14.09.1940 while inaugurating the Golden Jubilee building.
The club's presidential mantle passed on since its inception to successor Diwans, to Chief Justices and Judges of the High Court and to distinguished array of top ranking officials and non-officials. Some of them like Diwan Sir P.Rajagopolachari, Diwan Bahadur T.Raghavaiah, Diwan Bahadur V.Nagamiah, Sri T.Sadasiva Iyer, Diwan Mr. M.E.Watts and Diwan Sri M.Krishnan Nair are worth mentioning as prominent office bearers of the club.