The Shrine of Remembrance was dedicated on 11 November 1934. From the 1950s the interior Crypt was used an appropriate place in which to lay up the Colours of disbanded Victorian regiments. The 46 Crypt Colours originate from 27 Victorian units of the Australian Army and represent a quarter of all Victorian Regimental Colours. The earliest Light Horse guidons date from the 1850s.

The Colours have been given into the custody of the Shrine Trustees at solemn ceremonies. Each is made from silk appliqué richly embroidery with the emblems and battle honours of the Regiment. The heaviest thread is made from pure gold. Specialists still create colours today employing original methods.

It is the tradition of the army that colours, once laid up, are left to go to dust. In the military museums of Europe colours can be seen slowly disintegrating over the centuries. Colours are laid up elsewhere in Victoria and five are held in the collection of the Australian War Memorial, Canberra.