The building of the Bai Jerbai Wadia Library, comprising of two floors, was completed in May 1929 with a munificent donation from the Wadia brothers. The library was named after their mother Bai Jerbai Wadia Library. It is one of the three Main Heritage Buildings of the college.

The entire first floor of the Library serves as a Reading Hall for students and is spacious enough to comfortably accommodate around 400 students at a time. This is perhaps one of the largest Reading Rooms of any Library in the State of Maharashtra. The Main Library on ground floor more than 3,00,000 books and many research journals, also the library provides access to various e-resources. Many research scholars and book-lovers have, over the years, donated a large number of their own personal collections; the Library has become fabulously rich in its collection. The library provides extension services to students, teachers, scholars, research workers and senior citizens including scholars from abroad.

The library is blessed with a remarkable collection of statues and posters, dedicated to outstanding national leaders and educationalists. In the course of time, with an increasing number of students, the Library felt the need to acquire more space by extending the building. This was first done in 1955, with government grants and then in 1982 with UGC grants.