The Library was established in the year 1989 with the inception of the College. Tolani College of Commerce Library is one of the best modern Libraries in Mumbai suburbs. It is spacious and well ventilated  backed by efficient services supplemented by courteous and competent staff.  The Library supports the teaching and learning activities and acts as a focal point to meet the information requirements of faculty members, students and staff of the College. The Library collects, stores and disseminates information besides offering computerized services to its users.

The College has a Library Advisory Committee consisting of the Principal, Librarian, Senior faculty members, and student representatives. The main objective of the committee is to ensure optimum utilization of the Library resources through formulation of policy guidelines.