Wai Kiu College was founded in 1953, and moved to its current location on Wai Chi Street in 1968. The school building was only two floors high. In view of the extreme shortage of places in Shek Kip Mei District at that time, Mr. Cheung Kwun Shing, member of school management board, generously donated a huge sum of three million dollars to expand the two-story school building into the current four-story school building. Ms. Y.M. Cheung, the daughter of Cheung Kwun Shing, is also dedicated to education, especially the students of Wai Kiu College. Commencing the academic year of 2012 to 2013, Ms. Cheung donated a scholarship of $20,000 per year in the name of her late father in order to stimulate students' learning motivation. Not only does it reward students who strive for good grades but also encourages students to work hard. The scholarship are divided into three categories: "Academic Achievement Award", "Achievement Leap Award" and "Public Exam Achievement Award".


"Academic Achievement Award": A total of six students who rank first in all forms are awarded $2,000 each.
"Achievement Leap Award": The most significant improvement in academics at all levels, a total of six students, are awarded $1,000 each.
"Best Public Exam Results Award": The student with the best public examination results is awarded $2,000.