The College of Business was originally established as the Department of Commerce in 1948. It was expanded into the College of Commerce in 1953. Up until 2010, the College of Commerce consisted of five departments: (1) Business Administration, (2) Accounting, (3) Financial Engineering, (4) Economics, and (5) International Trade. In September 2010, the College of Commerce was divided into two independent colleges: the College of Business and the College of Economics and International Trade. The College of Business began by merging three business-related departments into a single department under the name, “Business Administration.”

The College of Business provides business education through the ‘College of Business' and the ‘Graduate School of Management,’ both of which are located at the main campus. The College of Business offers three main programs: a Bachelor's degree program (4 years), a Master of Science degree program (2 years), and a Ph.D. degree program (two-year-course work + research). There are 7 majors in the Master's and Ph.D. programs: Management Information System, International Business, Marketing, Operations Management, Management and Organizations, Finance, and Accounting (Master's), Management Accounting (Ph.D), and Financial and Tax Accounting (Ph.D).

The Graduate School of Management (GSM) offers an evening MBA program (2.5 years) for students with career and work experience in the business field, and a non-degree executive training program called 'Advanced Management Program' (1 year), which has over 3,500 alumni since 1982.