The setting of the restaurant is fast-casual dining in the late 1940s and early 1950s and evokes "a post-war era of optimism, pride, and values focusing on unity and quality family time".

In March 2021, private equity firm Thompson Street Capital Partner purchased Freddy's Frozen Custard & Steakburgers for an undisclosed amount.

[11] In August 2022, Freddy's hired Brian Wise as COO to take over the operations post from co-founder Scott Redler.

[12] In November 2022, the company signed a master franchise and development agreement that will allow the brand to enter the Canadian market.

The company, founded in Wichita in 2002, opened its first location on August 26 of that year near the intersection of 21st Street and Tyler Road.