Collegium Minus is third old building of the Jagiellonian University (after Collegium Maius and Collegium Iuridicum). In 1449 the building became property of the University, the sources, however mention the building already around 1400 when from the foundation of John Strobner was in this place Bursa Divitum (The Hall of the Riches). Collegium Minus was also a place of professors dwellings and lectorium. In 15th century there was Faculty of Astrology here. One of the students here was Maciej Bylica from Olkusza. His instruments are presented in the Collegium Maius Museum.

  In 16th century the image of the building changes. Next changes took place in 18th and 19th century. After 1850 Collegium Minus served as a School of Dravings and Paintings (the origin of Academy of Fine Arts). Here studied famous paintor John Matejko. At present in Collegium Maius there is Department of Archaeology.