The Faculty of Economy of the Universitas Sebelas Maret established when the Universitas Negeri Surakarta Sebelas Maret is officially announced as Universitas Sebelas Maret (based on the Republic of Indonesia President Decree Number No. 55 of 1982). The university itself opened in Siti Hinggil Pagelaran Keraton Kasunanan Surakarta by the second Republic of Indonesia President in 1976 (Kepres No. 10 of 8 March 1976).
The faculty of Economy was established by incorporating Faculty of Economy from the following private universities:
- Fakultas Ekonomi Universitas Nasional Saraswati (UNNASTI)
- Fakultas Ekonomi Universitas Cokroaminoto (UNCOK)
- Fakultas Ekonomi Universitas Tujuh Belas Agustus (UNTAG)
- Fakultas Ekonomi Universitas Islam Indonesia (UH)
Starting from 13 October 2013, The Faculty of Economy of the Universitas Sebelas Maret announced its new name, Faculty of Economic and Business.