The BCPSG was formed in early 1961 by seven enthusiastic collectors, under the name "British West Indies Federation Study Group." The dissolution of the Federation itself, a few months later, and the broadening of the Group's membership and scope (due, among other factors, to a merger with the Bahamas Postal History Study Circle) led the Group to change its name to "British Caribbean Philatelic Study Group" in 1962. In 1988, members of the U.K.-based Roses Caribbean Philatelic Society voted to merge with the BCPSG.

The main goal of the British Caribbean Philatelic Study Group is to promote interest in, and research into, the stamps and postal history of the British Caribbean area.

The BCPSG was governed by a Board of Trustees elected by its members; in turn, the nine trustees elect six officers for a two-year term (renewable) president, vice president, secretary, treasurer, international director, and editor who conduct the day-to-day affairs of the Group. A number of appointed officers (auction manager, librarian, publications chair, group leaders for each country represented, and others) were responsible for carrying out activities in support of the Group's overall goals.

In the 60 years of its existence the BCPSG has produced 285 issues of its journal (to the end of 2022) replete with philatelic articles covering all of the British Caribbean. In addition, it has assisted in the publication of a number of books.