The founders of the federation were representatives from Belgium, France, Great Britain, Switzerland and Bohemia (now Czech republic).

In the 1940s, the Nordic countries Finland, Norway and Sweden set up a joint rules committee.

In the early 1950s, the Soviet Union decided to break out of its isolation in international sport and started a friendly exchange with said Nordic countries.

[9] The men's 2020 Bandy World Championship had already been postponed due to the COVID-19 pandemic and was to be held in 2022, but was finally cancelled on 1 March 2022, after Finland, Sweden, Norway, and the United States announced that they would not take part in the competition in Russia due to the Russian invasion of Ukraine.

FIB vows to completely share the principles and articles of the Olympic Charter in its activities, including the policy with regard to anti-doping controls.

FIB declares itself to be an "independent autonomic mainsports organization which mainly is governing bandy activities all over the world".

The cooperation between the two federations is increasing, since both have an interest in more indoor venues with large ice surfaces being built.

[15] The following persons have been presidents of FIB:[16] The federation was founded by the national bandy associations in Finland, Norway, the Soviet Union and Sweden on 12 February 1955.

For two months, the former Soviet Union national bandy team appeared as Commonwealth of Independent States, but the CIS was never formally a member of the FIB.