Henry Steel Olcott, the visionary founder of Maliyadeva College, Sri Lanka, established the institution in 1888. A distinguished educationist and co-founder of the Theosophical Society, Olcott's commitment to fostering holistic education left an enduring legacy, shaping the school's ethos and contributing to its prominence in the region.

Anagarika Dharmapala, a pivotal co-founder of Maliyadeva College in 1888, played a crucial role in shaping the institution's values. A prominent Buddhist revivalist, Dharmapala's dedication to education and cultural resurgence greatly influenced the school's foundation, emphasizing Buddhist principles and fostering intellectual growth.