Originally called 'Waseda Gakko', or 'Totsuka Gakko' after the location of the founder's villa in Waseda Village and the school's location in Totsuka Village, Waseda University was founded October 21st, 1882 by Shigenobu Okuma as 'Tokyo Senmon Gakko (College)'. It wasn't until 1892 when people started to call it 'Waseda Gakko'. It was later renamed 'Waseda University' on September 2nd 1902, upon its acquisition of University status.

Shigenobu Okuma, former two time Japanese Prime Minister, and founder of Waseda University, established the university based on three pillars; 'independence of learning', 'utilization of knowledge' and 'creation of good citizenship'.