Dr Karan Singh, the visionary Sader-e-Riyasat founded the College in the memory of late. His Highness Maharaja Pratap Singh of Jammu and Kashmir State and named it Sri Pratap Memorial Rajput College of Commerce in 1955. Dr Karan Singh introduced the Commerce stream for the first time in the state. Today Govt. SPMR College is prestigious name in the discipline of Commerce.
At the inception , the College was housed in the Ajab Ghar building behind the new secretariat and at a later stage it was shifted to the then Police Complex near Jogi Gate in 1962 and functioned there till 1978. The State Government took over this College on 30th September 1974, and rechristened as Govt. SPMR College of Commerce, Jammu.