Subsequently, the government decided to establish Patna District School as Patna College on November 15, 1861. The transformation process included renaming the institution from Patna District School to Patna Collegiate School in August 1862, and finally to Government College on January 9, 1863. Noteworthy changes during this period included salary increment for academic staff and the designation of the college principal as "Professor-in-Charge" from 1863 onwards.

Since its reestablishment, Patna College has produced numerous scholars, administrators, and leaders across various fields. Its alumni include prominent figures such as the first Chief Minister of Bihar, Sri Krishna Sinha, freedom fighter Jayaprakash Narayan, poet Ramdhari Singh 'Dinkar,' and economist Gorakhnath Sinha, among others. The college has remained at the forefront of modern education in Bihar, offering the Bachelor of Education (B.Ed.) program since 1865 and maintaining its status as the oldest co-educational institution in the state. In 2024, Patna College celebrated its 162nd Foundation Day reflecting on its significant contributions to education, law, arts, literature, politics, social service, and administration. Its legacy of distinguished scholars and accomplished alumni has solidified its reputation as the 'Brain Capital of Bihar.' Currently, Prof. Dr Sanjay Kumar Sinha serves as the Principal of Patna College, continuing the institution's tradition of academic excellence and leadership and bringing in required changes