In 1965, this institution started as Primary School, after which in 1967 it was upgraded to Middle Level. In 1978 the institution was upgraded to High School level and affiliated with FBISE. In 1979 Upgraded to Intermediate level and affiliated with Federal Board of Intermediate and Secondary Education, Islamabad.

Primarily, Fazaia Degree College, Risalpur, caters for the educational requirements of the children of PAF personnel serving at PAF Academy Asghar Khan Risalpur. However, available seats, if any, are also offered to the children of other serving PAF/ARMY/NAVY Personnel and civilians. In general with an aim of participating in National Educational Programme.