The library dates its origin from August 26, 1943. On that day Radcliffe College received from alumna Maud Wood Park '98, who had been a leader in the movement for woman suffrage, her collection of books, papers, and memorabilia on women reformers. Her "Woman's Rights Collection" became the nucleus of a research library called the Women's Archives, which the college gradually augmented during the 1940s and 1950s. To honor Harvard University historian Arthur M. Schlesinger and his wife Elizabeth Bancroft Schlesinger, who were strong supporters of its mission, the library was renamed in 1965. When a new women's movement surged in the 1960s and 1970s, the library's collections grew very rapidly, as feminist activists highlighted the importance of women's history and created their own documents and publications.

Housed in the former Radcliffe College library building, the library was completely renovated in 2004-2005 to become a state-of-the-art facility. The capacious and well-appointed Carol K. Pforzheimer Reading Room provides a welcoming and comfortable research space.

The library is part of Harvard University's Radcliffe Institute for Advanced Study, where approximately fifty resident fellows each year create anew a vital intellectual community.

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