Grace College & Grace Theological Seminary is a private evangelical Christian college in Winona Lake, Indiana.

It comprises seven schools: The School of Ministry Studies, The School of Arts and Humanities, The School of Science and Engineering, The School of Behavioral Sciences, The School of Business, The School of Education, and The School of Professional & Online Education (SPOE). Grace Theological Seminary, which began as the parent institution, now exists as part of the School of Ministry Studies and is also located on the Winona Lake campus. Since 2011, several commuter campuses have also started. While the college and seminary are historically affiliated with the Fellowship of Grace Brethren Churches, known as Charis Fellowship since 2018, the student body and faculty of both institutions have diverse denominational backgrounds.

The institution began with the organization of Grace Theological Seminary under the leadership of Alva J. McClain in 1937. A two-year "undergraduate division" of the seminary was added in 1948 and has since transitioned into a four-year college.

Alva J. McClain served as president until 1962, when he was succeeded by his colleague and fellow co-founder Herman A. Hoyt. He remained in this position until he retired in 1976, and was followed by then Dean of Grace Theological Seminary Homer Kent Jr., who retained this position until his own retirement in 1986. John J. Davis then served in the position from 1986 to 1993. Ronald E. Manahan replaced Davis and led the institution until 2013 at which time William J. Katip, who had been Provost since 2007, replaced Manahan. In January 2022, John Teevan replaced Katip as interim president and served until July 2022 when Drew Flamm became the seventh president. Flamm previously served as Vice President of Advancement at Grace College, a position he held since 2013. New initiatives implemented in the fall of 2013 included an adjusted calendar in which each of the semesters were divided into two 8-week sessions.

For many years Grace College maintained a ministry to the incarcerated in Indiana at various correctional facilities throughout the state directed by John Teevan. However, due to legal changes in the state of Indiana, this ministry has transitioned to a GED program. The institution now manages the GED program for five correction facilities in northern Indiana.

Since 2011, Grace College has added a satellite location in Indianapolis that offered associates and bachelor's degree completion. It was located at 96th and Meridian on the North side of Indianapolis. They have since closed down that location, but have opened and been developing their location in Akron, Ohio.

In 1994, the North Central Association of Colleges and Schools accredited Grace College and Seminary, thereby joining the two previously individually accredited institutions. Its counseling program is accredited by the Council for the Accreditation of Counseling and Related Educational Programs (CACREP) and the School of Business has accreditation by the International Assembly for Collegiate Business Education (IACBE). It is also approved by the Association of Christian Schools International. Grace College's School of Education also holds separate accreditation from the National Council for Accreditation of Teacher Education (NCATE) and is recognized as a REPA Approved Teacher Preparation Program by the Indiana Department of Education

Grace Theological Seminary has separately been awarded accreditation by the Association of Theological Schools in the United States and Canada.