The first meeting of the Historical Society of Prince Edward Island was held on Monday, 12 September 1881, at Province House in Charlottetown. The approximately 40 individuals in attendance established the Historical Society for the purpose of collecting and preserving historical documents pertaining to Prince Edward Island which were in the hands of private individuals. Membership included such prominent Island residents as Lieutenant Governor Haviland, Chief Justice Palmer, Charles Palmer, W. T. A. LePage, Judge George Alley, Rev. G. W. Hodgson, Malcolm McLeod, P. R. Bowers, Esq., and Hon. A. A. McDonald.

The meetings of the Historical Society continued sporadically throughout the winter of 1881-1882 and on 8 April 1882, the Society was granted its Act of Incorporation. After this date, members appear to have lost interest and few attended proposed meetings. At the18 September 1882 meeting, members decided to dissolve the Society and dispose of items in its collections by selling them to members of the society. The final meeting of the Historical Society of Prince Edward Island was held on 21 September 1882.