Our Lady of Good Counsel School was officially opened on 29 January, 1924, with Mother Evangeline, FCJ as Principal. The enrolment for that year was 62 pupils. The school numbers passed the century in 1927 (101) and reached 150 in 1938. By the mid-sixties three more classrooms were needed to accommodate the growing school population. The Sisters of the Faithful Companions of Jesus were associated with the school until 1981. The opening of four new classrooms and a Library in 1984 and a further upgrade of the office/reception area, staffroom, canteen and uniform shop caters well to the current enrolment.

The newly completed North Western wing of the school in 2009 has provided the school with learning spaces that compliment the schools delivery of the Victorian Curriculum. 

The Parish Education Board was founded in1971 and met on a regular basis to discuss and advise on matters pertaining to the school. In 2021 under the new Governance of Melbourne Archdiocese Catholic Schools, the Parish Education Board changed to a School Advisory Council.  Annually, the parishes of Our Lady of Good Counsel school, All Hallows School and Our Lady of Perpetual Succour School meet as a Parish Education Board to discuss issues pertaining the 3 schools.

Our Lady of Good Counsel Primary School is now the Catholic Primary School across the three suburbs of Deepdene, Balwyn and Camberwell.