The Chemin de fer Fribourg–Morat (FM) (German: Freiburg-Murten-Bahn) opened the 22-kilometre (14 mi) standard-gauge line between Fribourg and Murten on 23 August 1898.

On 1 May 1903, the line was extended by about 10 km from Murten to Ins (French: Anet) and the name of the company was changed to Chemin de fer Fribourg–Morat–Anet (FMA).

Since then, the line has shared a 2.5 km-long section of the Fribourg−Yverdon railway between Murten and Muntelier, which was opened by the FMA on 12 June 1876.

Since sections of the line were shared with the SBB, which would not at that time allow overhead wires, the FMA chose to use a side-contact third rail system—which is highly unusual in Switzerland.

The merger with the GFM had little impact on the operation of the FMA, as synergies with the BR were limited due to the geographical separation.