The Club owes its foundation to the original Wallasey Grammar School. The earliest record held by the Club are the minutes of a general meeting held 4 June 1888, when the Headmaster, Mr A J Mead was present indicating that the Wallasey Old Boys' Club was established. The Club then met monthly to receive and debate a member's paper. Regretfully, this Club was formally wound up on 27th January 1890.

It was on 7th December 1905 when a small group Old Boys met at the school under the chairmanship of Mr H E Vipan (Headmaster) and The Old Wallaseyans' Club was born. Subsequently, a group of members led by C O Reay, proposed the acquisition of premises to provide a meeting and socialising point for Club members. This led to the purchase of the 142 Grove Road property. The Club premises being formally opened by the Mayor in December 1954 with the attendance of 120 members.

Initially, membership was restricted to former pupils together with present and former masters of the Wallasey Grammar School. Following the opening of the clubhouse, a limited number of non-former pupils were admitted annually to full membership. At the AGM 2nd April 1959 it was resolved that "Gentlemen who are not old boys of Wallasey Grammar School maybe elected as Nominated Members of the Club. In any one year (as between annual general meetings) no more than six such members may be accepted." This figure of six was increased to ten by resolution at Special General Meeting on 5th April 1962 when new rules were adopted. At the Special General Meeting on 13th December 1965 this figure was increased again to twenty-five. Following the changed status of the school to a comprehensive, the new Club Rules were passed at a Special General Meeting held on 27th November 1968. From that date application to Club membership was totally open to all upon appropriate proposal and seconding.

With the changed name for the school the Object clause of the Club Rules embraced both Wallasey Grammar School and The Henry Meoles School. With the School becoming co-educational the Club Rules were further changed making membership available to men and women on full equality. The aim was to re-open possible membership to the school now called Wallasey School.

At the Annual General Meeting held on 29th April 2007, it was resolved that the name of the Club should be changed by dropping the word 'Old' from its title in order to reflect its links with and status within Wallasey.