In 1986, the Lagos State Government changed the name of the Institution from the Lagos State College of Science and Technology to the Lagos State Polytechnic. Academic activities started at the Isolo Campus of the Polytechnic in January, 1978 with the admission of 287 pioneer students into five different departments, viz: Accountancy and Finance, Insurance, Secretarial Studies, Management and Business Studies. The College was also offering Basic Studies Programme for candidates wishing to prepare for the G.C.E ‘A' levels in Arts and the Sciences.

On the 1st of August, 1978, the Lagos State Government-owned School of Agriculture at Ikorodu was integrated into the College to become the Ikorodu Campus. The Polytechnic is concluding efforts to move from its hitherto multi-campus nature, to a monocampus institution. Sequel to the movement of the seat of administration to the Ikorodu permanent Campus, the Polytechnic had been operating a multi-campus system with three campuses namely, Ikorodu, Isolo and Surulere, (the last two located within Lagos metropolis).

With effect from May 2000, the Ikorodu Campus took over from the Isolo Campus as the seat of administration of the Polytechnic and the permanent campus of the institution. Since the giant step was taken in the year 2000, the institution has moved most of its schools and departments to the Ikorodu campus, while plans are going on to move the few remaining departments of the School of Management and Business Studies in the nearest future after the completion of accommodation facilities. It is pertinent to note that the Polytechnic will still retain the Isolo Campus as the School of Part Time Studies, in view of its proximity to the major clientele for the programme, who are largely situated in the Lagos metropolis. .