The school was founded in 1848 as Folsom's Mercantile College to teach basic bookkeeping and business skills.

After World War II, as college degrees became common in the business world, the college modified its academic programs to stress the attainment of the broader-based Bachelor of Science, Associate in Science, and Associate in Arts degrees.

[3] It was later renamed Myers University in the summer of 2001 to reflect expanded offerings including an MBA program.

[7] The university was accredited by the North Central Association Higher Learning Commission and the International Assembly for Collegiate Business Education (IACBE).

[8] On February 25, 2010, the Higher Learning Commission ordered the institution to show cause as to why its accreditation should not be rescinded.

[10] The "show cause" order was lifted by the Higher Learning Commission on October 11, 2012, and Chancellor University remained accredited with HLC.

[1] Chancellor University's main campus was located at 6000 Lombardo in the Genesis Building in Seven Hills, Ohio.