St Paschal Library was established for the use of Franciscan friars in their research needs, general reading and for seminarians studying for the priesthood. It is now the main library for students of Yarra Theological Union, whose collection was integrated into the collection in 1995. The Divine Word Missionaries’ missiology collection is also held within the collection.
The collection contains a number of special collections which include the Celsus Kelly collection, a very important legacy to the contribution which the Franciscan order made towards establishing the Catholic faith in the southeast Pacific region of the world. It is also a tribute to Franciscan research and scholarship. The rare books collection is a valuable historical asset to the Order and of interest to such institutions as the State Library of Victoria which accommodates the Franciscan manuscript Codex Sancti Paschalis (ca 1275) on behalf of the library.