The school was opened in 1924 as a settlement farm school under the district of Katipunan ZN. The first teacher assigned in this school was a certain Mr. Espejo. Two (2) years later, Mr. Pedro Gomez, a native of Pangasinan, replaced Mr. Espejo to handle this 1- teacher.

Having achieved the purpose for which this settlement farm school was established. In 1936, it was converted into a regular primary school. Its enrolment gradually increased resulting into nine (9) classes handled by nine teachers at end of school year 1939-1940.

At the opening of the school year 1940-1941 a grade five class was opened requiring two (2) additional teachers, thus, making it an elementary school, still under the district of Katipunan.

That same year, Sindangan School District was created and Liloy Elementary School became part of it. The school was already manned by eleven (11) teachers plus a principal to handle the growing number of school children. The first principal assigned in this school was Mr. Geronimo Rebollos.

During World War II, the school was temporarily closed. But after the war, the school was reopened as expect there was a big increased of school children entering the school again. In the middle of 1960’s, twenty-five (25) teachers and one administrator handled the school. It became the Central School when Liloy School District was created apart from Sindangan School District.

As time went on, the school had been handled by different principals, namely; Mr. Ismael Gracia, Mr. Bernardo Bucoy, Mr. Hipolito Daarol, Mr. Peter Teves , Mr. Felixberto Nadala, Mr. Alejandro Dagondong, Mr. Jovito Tabanao, Mr. Gilberto Tabasa, Mr. Eddie Refugio, Mr. Joselito Daan, Mrs. Serina Barrera. and at present headed by Mr. Andres C. Gamil and Dr. Michael C. Bulanon.

After dividing Liloy into two (2) separate district, the school remained as Central School of Liloy I District, established 96 years ago as a one-teacher settlement farm school to become the Liloy Central School which at present is being handled by twenty-nine (29) classroom teachers, one (1) School Book Keeper, one (1) Disbursing Officer and one (1) school administrator.