The Scarlet Key Society began in 1925 as the official host and guide for dignitaries and special guests visiting the University. McGill’s General Manager of Athletics, Major D. Stuart Forbes, established a system whereby each faculty and school asked its students to vote two or more representatives to the Society (men only). In 1938, a parallel organization called the Red Wing Society was established for women students.

In 1971, the Scarlet Key Society and the Red Wing Society officially came together as one under the McGill Alumni Association (then the Graduates' Society of McGill). The Scarlet Key Award as we know it today was also introduced at that time. Honourees were nominated, interviewed and selected by their peers. They were honoured for campus leadership while maintaining satisfactory academic standings. 

On January 31, 1990, the Society expanded its constitution to focus on three main goals: recognition of leadership at McGill, service to the University and the greater community, and maintaining an organized Society for its members. 

In 1996, the Society adopted the application process it still uses today. A student can apply for the Scarlet Key Award by filling in an application and detailing how they have demonstrated leadership and perseverance by their outstanding extra-curricular contributions to the community. Applications are reviewed by the Scarlet Key Executives and new members are inducted every year at a pinning ceremony in the spring. 
 
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