民生書院最初係由紳商曹善允提倡興建。1916年曹善允同埋其他商人組成之啟德營業有限公司喺度發展緊九龍寨城對開嘅九龍灣北岸地帶。曹善允覺得當時九龍城居民冇一個接受西學的機會，所以就開始積極籌款興學。之後佢獲得咗啟德公司創辦人之一區德（又名區澤民）逝世後由遺囑餽贈嘅10，000港紙，仲有同曹善允一齊做緊啟德公司董事莫幹生捐嘅10，000港紙。係在籌夠資金之後， 同埋得到當時聖保羅書院校長史超域牧師嘅協助之下，學校喺1926年於啟德濱創辦，又黃映然先生做首任校長。
The Minsheng College was originally advocated by the gentleman and businessman Cao Shanyun. In 1916, Cho Sin Wan and other businessmen formed the Kai Tak Sales Company Limited to develop the northern shore of Kowloon Bay opposite the Kowloon Walled City. Cao Shanyun felt that the residents of Kowloon City did not have a chance to accept Western studies at that time, so he began to actively raise funds for the school. Later, he received a gift of HK$10,000 from his will after the death of one of the founders of Kai Tak Company, Au Tak (also known as Au Zemin), and a donation of HK$10,000 from Mo Gansheng, who was a director of Kai Tak Company with Cao Shanyun. After raising sufficient funds and with the assistance of the then Principal of St. Paul's College, Rev Sze Chiu Yu, the school was founded in Kai Tak Ham, in 1926, with Mr. Wong Ying Yin as the first principal.