The Dalton McCaughey Library formed at Ormond College in the late 1960s with the unification of the collections of the Jesuit Theological College and Ormond's Theological Hall. When the Uniting Church came into being the new library received valuable additions from Queen's College and the theological hall of the Victorian Congregational Church.
As the Joint Theological Library, the library occupied buildings in Ormond until January 2007, when it moved to its present location on College Crescent, and adopted its present name, in honour of its creators.
The Revd. Dr Davis McCaughey was Master of Ormond College, and Fr Bill Dalton was Principal of the Jesuit Theological College, when the Joint Theological Library formed.
The ecumenical beginnings of the library are detailed in "The history of a Library" by Andrew Hamilton SJ in *So Great a Cloud of Witnesses: Libraries and Theologies: Festschrift in Honour of Lawrence D. McIntosh*, published in 1995.