In 1998, under the leadership of President Daniel G. MacMillan, the college cut tuition by over 20% and refocused its student recruitment on the local area.

Under Dr. Peterson's leadership, Bluefield University aims to continue its tradition of academic excellence while expanding its programs and enhancing its commitment to Christian values.

His vision includes fostering a vibrant campus community, strengthening the university's outreach, and advancing strategic initiatives that align with the institution's mission.

The university is a member of the National Association of Intercollegiate Athletics (NAIA),[14] primarily competing in the Appalachian Athletic Conference (AAC) for most of their sports since the 2014–15 academic year (which they were a member on a previous stint from 2001–02 to 2011–12);[15] while its football team competes in the Mid-South Conference (MSC) since the 2014 fall season.

They were also a member of the National Christian College Athletic Association (NCCAA), primarily competing as an independent in the Mid-East Region of the Division I level until after the 2019–20 school year to fully align with the NAIA.

The Bluefield Rams men's basketball team was often nationally ranked between 2007 and 2009 under head coach Jason Gillespie.

Guard/forward Omar Reed went on to play professionally with the San Antonio Spurs' NBA Development League affiliate, with the Boston Celtics organization, as well as internationally in Europe and Japan.

Current head coach Mike White has won over 200 games with Bluefield[21] and has sent multiple players to professional baseball.

Bluefield hired Coach Travis Yoder in 2014 to build a cross country and track and field program from ground zero.