The College was started in seven thatched sheds popularly called “Parnasalas” with 79 students and 11 staff members. The name of the college was changed from Anakapalle Merchants Association College to Anakapalle Merchants Association Lingamurthy College on 01-04-1955, to honour late Sri Korukonda Lingamurthy, the founder of Anakapalle Merchants Association. It was upgraded to a First Grade College in 1956. P.G. Courses in Commerce (Aided) started in 1973, and Organic Chemistry (Self finance) 1999 respectively.

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M.Sc. Analytical Chemistry and B.Sc. (Mathematics, Electronics, Computer Science (self finance) were introduced during 2004-05 respectively. The students of Degree & PG brought laurels to the college in curricular and extra–curricular activities and are now holding prestigious positions in India and abroad. The present splendour of the college is the result of the unfailing efforts of the college Governing Body and the members of the Merchants’ Association, mainly of Sri Kolluru S.N.Manga Raju President Dadi Srinivasa Rao Correspondent of the Governing Body, Sri K.Lakshminarayana Rao (Pedababu) Hon' President, Sri Thammana Raghu Babu Hon Secretary, Anakapalle Merchants Association and Dr.G.Jaya Babu, Principal (FAC) of the College.

His Excellency V.V.Giri, the then President of India made a historical visit to the College on the invitation of the Management and declared open a New Administrative Block on 8-11-1971. Sri Khandubai Desai, the then Governor of Andhra Pradesh, Sri P.V. Narasimha Rao, the then Chief Minister of Andhra Pradesh and Dr. L.Bullaiah, the then Vice-Chancellor of Andhra University were also present on that occasion.