Peter Petri founded the school, and Bruce R. Magid served as dean of the school from 2007 to 2016, with Peter Petri serving as interim dean from 2016 to 2018.

Brandeis International Business School was first established as the Graduate School of International Economics and Finance (GSIEF), reflecting increased student enrollment in economics and finance courses, and the creation of the PhD in International Economics and Finance in 1994.

In 1998, the MBA and Master of Science in Finance (MSF) programs were added, broadening the scope of the school's teaching and research.

In 2010, Brandeis University introduced a business major and minor, through which undergraduates are able to take graduate classes in management and international finance at Brandeis International Business School.

In 2017, the school introduced an Accelerated Master's program in economics and finance.