Hunan University has a long history of economics. As early as 1903, economic education began after Yuelu Academy was transformed into a Hunan university.

After Hunan University 1926 was officially named, a business department was established, the business department of 193 1, and the business school of 1946. It gradually developed into an influential economic teaching and research center in China at that time, bringing together a large number of outstanding economists such as Ren, Zhou Dewei, Ding Hongfan, Pan Yuanlai, Xiang Shaoxuan, Li Da, Luo, Cao, Zhu Jiannong, Xiao, Hu Daiguang, Wu, and cultivating a number of outstanding students such as Yin Shijie and Wang Shubai. 1982, the institute of economics and business took the lead in setting up an undergraduate major in industrial foreign trade in China, and obtained the first batch of master's degrees in industrial foreign trade in 1990.

In April 2002, the disciplines of international economy, trade and economics in the north and south campuses of Hunan University merged to form the School of Economics and Trade of Hunan University, which became an important secondary teaching and research institution under Hunan University. In 2003, the Economic Management Research Center of Hunan University was merged into the College of Economics and Business, and the overall strength of the college was further improved.