Diponegoro University was formed starting with the establishment of the Semarang University Foundation through Notarial Deed R.M. Soeprapto Number 59 dated December 4, 1956, which established Semarang University on January 9, 1957, with Mr. Imam Bardjo as the first University President. On the third Dies Natalis of Semarang University, January 9, 1960, the President of the Republic of Indonesia, Ir. Soekarno changed the name to Diponegoro University. The change was an appreciation for achievements in the field of higher education in Central Java. This Presidential Decree was later confirmed by the Decree of the Minister of Education, Teaching and Culture Number 101247/UU dated December 3, 1960 and Government Regulation Number 7 of 1961.

The Faculty of Economics, which is one of the largest faculties at Diponegoro University, was born on March 14, 1960 as one of the faculties within Diponegoro University which at that time was preparing to become a State University. Before the establishment of the Faculty of Economics, Diponegoro University had the Academy of Business Administration which was a continuation of the Academy of Business Administration of Semarang University.

Based on Government Regulation No. 7 of 1961, Diponegoro University (private) was declared a State University starting from October 15, 1960. This date was then determined as the anniversary (dies natalis) of Diponegoro University. The Faculty of Economics and Business was initially named the Faculty of Economics, and changed to the name of the Faculty of Economics and Business of Diponegoro University since it was determined by the Decree of the Rector of Diponegoro University on June 21, 2011 No. 347/SK/UN7/2011 concerning the Determination of the Change of the Name of the Faculty of Economics of Diponegoro University to the Faculty of Economics and Business of Diponegoro University.

The Faculty of Economics of Diponegoro University when it was established had two departments for degree programs, namely the Department of Business and the Department of General Affairs with an education system called the package system. In the 1980/1981 academic year in accordance with the Direction of the Ministry of Education and Culture, a new education system was implemented called the credit system. Under this new system, the names of the departments were also changed, namely the Department of Management and the Department of Economics and Development Studies.

The Extension Program of the Faculty of Economics, Diponegoro University, which was established based on the Decree of the Rector of Diponegoro University Number 281/SK/PT09/1993, dated October 27, 1993 concerning the Establishment of the Undergraduate Study Programs in Management, Economics and Development Studies, and the Accounting Study Program in the Extension Program of the Faculty of Economics, Diponegoro University. With the issuance of the Decree of the Directorate General of Higher Education, Ministry of Education and Culture of the Republic of Indonesia Number 369/DIKTI/Kep.1996 concerning the Opening of the Extension Program of the Faculty of Economics, Diponegoro University which was stipulated in Jakarta on June 17, 1996, at the beginning of the even semester of the 1996/1997 academic year, the term Extension Program was used. Until now, FEB Diponegoro University also has an International class, namely IUP (International Undergraduate Program).

The program consists of Accounting, International Business, and Economics and Finance. In addition, currently FEB Diponegoro University also has 1 additional study program, namely S-1 Islamic Economics. The Faculty of Economics and Business Diponegoro University currently has a teaching staff of 124 permanent lecturers. The permanent teaching staff consists of 49 lecturers from the Department of Management, 31 lecturers from the Department of Economics and Development Studies and 44 lecturers from the Department of Accounting.