"Tierced per pale: (1) Barry of six argent and azure, in chief three lozenges gules, on the second bar of argent a mullet pierced sable: (2) Argent, thereon an escutcheon of the arms of the See of Lincoln (i.e. Gules, two lions passant guardant or, on a chief azure the Blessed Virgin Mary ducally crowned seated on a throne issuant from the chief, on her dexter arm the infant Jesus and holding in her sinister hand a sceptre, all gold: the escutcheon ensigned with a mitre azure garnished and stringed or): (3) Vert, three stags trippant argent attired or."
(1) is the quartering of the arms of Richard Fleming, Bishop of Lincoln, who founded the College in 1427.
(2) are the arms of the cathedral at Lincoln, after which the College is named. In fact, the corporate designation of the College is 'The Warden or Rector and Scholars of the College of the Blessed Mary and All Saints, Lincoln, in the University of Oxford, commonly called Lincoln College'.
(3) is the quartering of Thomas Rotheram, Bishop of Lincoln, Archbishop of York and Lord High Chancellor of England. He re-endowed the College in 1478. Unfortunately a foolish herald mistakenly described the arms of Rotheram, causing much confusion to this day. The true arms are to be found in the portrait of Rotheram in the Hall.