In connection with the celebration of the Golden Jubilee year of the Maharaja's College, a meeting of the Old Boys of the college was held on 13-01-1925 in which an association of old students has been formed. The title of the organization was "Old Boys Association". The first President of the Association was H. H. Kerala Varma, the then 13th Prince of Cochin with Shri T.K.Sankara Menon as the Secretary and Shri K.Narasimha Pai as the Treasurer. Later on, it was renamed as the Maharaja's College Old Students Association (MCOSA) which has been registered in the year 1971 as per the Travancore Cochin Literary and Charitable Societies Registration Act of 1955. MCOSA is functioning in accordance with the provisions of this Act and the main objective of this Association is to promote a spirit of "esprit de corps" among the old students of Maharaja's College as also between the old students and the college as well. It also envisages to promote the interests of old students and advancement of their social, cultural, educational or otherwise, to cooperate with the staff, students and management of the college in all the activities and celebrations of the college etc. It aims to secure endowments for the college and to do everything possible to promote the welfare and development of the college. It shall also do and perform such other things that are incidental or conducive for the attainment of the objectives of MCOSA.

A past student of the college shall be eligible for enrolment as a Life Member of the Association on payment of the prescribed membership fee. However, teachers/professors of the college are also permitted to become members if they desire so during their service in the college, as a special case. The membership of the Association shall be only "Life Membership". The management of the Association shall vest in an executive committee elected by majority of the members present in an Annual General Body meeting of the Association, in every two years. The Principal of the college will be an ex-officio member.

It is pleasing to note that a number of sponsored endowments have already been established in the college by MCOSA that offer awards and scholarships to deserving students. MP Krishna Pillai Memorial Endowment Award will be presented in recognition of outstanding performance in any of Master of Art student of the college every year. Radha Vinod Raju Memorial Endowment Award being given to Best Students of graduate and post graduate level in Physics. Prof. Alice Manjooran Memorial Endowment Award being given to the Best Student of post graduate level in English Literature and Charles Manjooran Memorial Endowment Award to the Best Student of graduate level in Political Science. All these awards serve as a great inspiration to the students of Maharaja's College and will continue to be awarded to the deserving students in the coming years.

The old students community of Maharaja's College is spread all around the globe. In order to foster closer interactions and networking among them, many regional old students associations have been formed and more are being considered. Among those associations outside India, Overseas Reunion of Maharaja's Alumni (ORMA) is very actively performing in different parts of the world and their representatives used to cooperate with MCOSA in all its activities.

The District Collector, Ernakulam will be the Chairman of College Development Committee. Shri Thomas Mathew IAS, former Collector took initiative and approached MCOSA with the idea to restore the dilapidated blocks of the college to its original stature. Accordingly, Maharaja's College Restoration Committee was constituted and started functioning in the OSA room. MCOSA utilized the popularity of film stars like Mammooty for obtaining donations from old students working abroad and business community in the country. The restoration work was successfully completed with the overwhelming support received from all nooks and corners including the state Govt. departments, Kitco etc.

To facilitate old students participation and foster the sense of belonging, a number of cultural events are arranged by the Association such as medical camps, symposiums/seminars, painting exhibitions, musical evenings, get together etc. Apart from this, with the help and cooperation from MCOSA, batch reunions, lectures on important events are also conducted.