In 1851, Austria-Hungary recognized the independence of Peru, and both countries subsequently established relations.

[1] As a result of World War I, Peru severed relations with both Germany and Austria-Hungary.

[1] After the 1968 Peruvian coup d'état and the establishment of Juan Velasco Alvarado's Revolutionary Government, relations were renewed in April 1969[2] with the Hungarian People's Republic as the new Peruvian government pursued closer relations with the Soviet bloc.

[3] Due to this diplomatic approach, after the expropriation and nationalisation of the International Petroleum Company's oil refinery in Peru by the Peruvian Army and the subsequent dispute it generated between Peru and the United States, the former was backed by the aforementioned bloc when the issue was raised at the United Nations.

[8][9][10] A Free Trade Agreement between Peru and the European Union, of which Hungary is a part of, was signed with Colombia in Brussels, Belgium.