The evolution of this institution dates back to the beginning of the 19th century. It took its birth as a small dispensary as First Aid Centre in the premises of the present medical college during the days of Maratha rule in the later half of the eighteenth century. The sole purpose of that dispensary was to render whatever little medical assistance was available and feasible to the sick pilgrims en route to and from Puri, especially during the “Car Festival” of Lord Jagannath.
This dispensary continued to function admirably till the British occupation of Orissa in 1803. The British rulers, in due course of time, realized the strategic importance of this dispensary at Cuttack and converted it into a small hospital. For smooth management of the Hospital, they made provisions for pumping adequate money from the “Annachhatra Fund“.
In 1875, the Orissa Medical School was born and saw the light of the day by the effort of a large-hearted Briton, Dr Stewart, the then Civil Surgeon of Cuttack as its first Principal. He mooted out the idea of starting a medical school, utilizing this hospital as an infrastructural nucleus. In this endeavor, he received the kind support and sincere patronage of the then Lt. Governor, Sir Richard Temple and the Divisional Commissioner, Mr T.E Ravenshaw.
First, the Orissa Medical School has established with a capacity of 20 L.M.P (Licentiate Medical Practitioners) students. It was affiliated to the Bihar and Orissa Medical Examination Board which grantee the LMP Diploma.
In 1944, the Orissa Medical School was renamed as Orissa Medical College and Major A.T Anderson, the then Civil Surgeon of Cuttack acted as its first Principal. He wanted to improve the Orissa Medical College as per the pattern existed in the U.K which was highly appreciated by Lt.Col. A.N.Chopra, the then Director of Health and I.G, Prisons. They recommended the Government to upgrade the existing medical school to the status of College. The Parla Ministry consisting of the Maharaja of Paralakhemundi, Maharaja Krishna Chandra Gajapati Dev, Mr. Abdus Subhan Khan (Minister of Health and Education) and Pandit Godabarish Mishra gave due attention to this issue and finally, the Orissa Medical College was born on 1 June 1944 with a capacity of 22 students into MBBS Degree Course.
The College was affiliated with Utkal University and the first batch appeared in the Final MBBS Examination in 1948. The College received recognition for MBBS degree from the Medical Council of India in the year 1952 with retrospective effect.
In 1951, the Orissa Medical College was subsequently renamed as SRIRAMA CHANDRA BHANJ MEDICAL COLLEGE in recognition of the donation and efforts made by Mayurbhanj State Maharaja Srirama Chandra Bhanj Deo. Moreover, Maharajah Vikram Deo Verma of Jeypore, the founding father of Andhra University also donated ₹1,30,000 to this medical college. 
The college received recognition for MBBS degree from the Medical Council of India in 1952 with retrospective effect. Postgraduate courses in M.D./M.S. specialties were started in 1960. Since 1981, post-doctoral training leading to the award of D.M. and M.Ch. degrees have been instituted in the disciplines of Cardiology and Neurosurgery respectively.