The Central Academy was founded in Charlottetown, Prince Edward Island by the royal charter of King William IV in 1834. Established for the promotion of classical education within the colony, the first classes occurred in 1836. Subjects taught included Greek and Latin, belles-letters, French, geography, astronomy, general and natural history, reading and grammar, and mathematics. The Academy was initially run by two masters and was under the supervision of nine trustees. The first principal was Reverend Charles Lloyd, who was assisted by Alex Brown. The King appointed the Lieutenant Governor to be patron and visitor of the Academy. In 1843, its Act of Establishment was amended and the Academy was placed under the control of a Board of Trustees appointed by the Lieutenant Governor in Council.

The ten town lots on which the academy was built was donated by Edmund Fanning, second Lieutenant Governor of PEI, as a personal gift before returning to England at the end of his term. He requested that a college be built on this land. The first building on the site was known as the East Kent School, or the National School, and was called Breading's School until 1835. In 1860 the Central Academy was superseded by the Prince of Wales College.