The Alumni Association Inc. of the University of Manitoba was founded in 1921 by a handful of graduates. Their objective was to reach out to the growing numbers of graduates of the University and to sustain their interest and long-term support of the University. In 1935, the Association was incorporated in the Province of Manitoba as a not-for-profit organization with its own, independent volunteer Board of Directors. The Alumni Association operated largely as an independent association until 1958 when President Saunderson created the Public Relations and Information Office. The Alumni Association assumed the operative role of the Public Relations and Information Office and received direct funding from the University.

The Alumni Association provides, preserves and strengthens the vehicle for alumni involvement. One way this is achieved is by maximizing the University's opportunities to communicate with graduates on a regular basis. This communication reinforces the relationship between the University through the Alumni Affairs portfolio and the Alumni Association. Alumni Affairs is a department of the University directed by the Association's executive director. Its role is to facilitate alumni-related activities between the Alumni Association and the University.

In 2001, the Association celebrated its 80th anniversary. In large measure, the history of the Association reflects the much broader history of the University. For example, until 1988, the Alumni Association had the responsibility for soliciting alumni donations to the University. In 1988, this function was transferred to the Department of Private Funding in order to consolidate all fund raising ventures. Also, on May 10, 1999, the President of the University of Manitoba and the President of the Alumni Association signed a funding agreement that allowed for no-fee alumni membership to all University of Manitoba graduates. This agreement was renewed in 2002.