Colonial was founded in 1936 by local resident Marvin Leonard — interestingly, out of a desire for a championship-level course in Texas with bent-grass greens. The overall course design was a result of individual hole design submissions by Texas-based architect John Bredemus and Oklahoma-based architect Perry Maxwell.

Since 1946, Colonial has hosted the PGA Tour's annual Fort Worth stop, but almost from the beginning, the course has hosted other prestigious events, most notably:

1941 U.S. Open (Craig Wood)
1975 Tournament Players Championship (Al Geiberger)
1991 U.S. Women's Open (Meg Mallon)

This is an invitation-only private club; visitors are permitted only as guests of members.