Designed by Edward Larrabee Barnes and constructed at a cost of $32 million, the IUPUI University Library officially opened in its current location on April 8, 1994.

[2] The library's holdings include more than 1,338,889 volumes, 36,000 current periodicals and journals, 1.197 million microforms, and 152,400 government documents and audiovisual materials.

Services are available to university students, faculty, and staff, as well as individual citizens, businesses, professional firms, and public agencies.

[7] The original design of the library was five floors and 256,000 square feet (23,800 m2) with a volume capacity of a million items.

In addition, the plaza included brick and concrete walkways, landscaped gardens with trees and plantings, seating areas, and lighting around the courtyard for night usage.

[10] The plaza was designed by Singh Associates and marked the completion of the landscape work surrounding the University Library.

The Achievement Award gives recognition annually to three structures that have "contributed to the quality of life through the enhancement and beautification of Marion County’s visual and physical environment," according to an A1A publication.

[12] At the beginning of the Fall 2009 semester, University Library opened an international newsroom through the Office of Diversity.

[15] In 2012, IUPUI worked with design firms to redesign 2,800 square feet (260 m2) to create more innovative group and individual study spaces.

[15] In the fall of 2014, University Library created a physical space for the IUPUI Arts and Humanities Institute in the Office of the Vice Chancellor for Research.

[17] In 2017, University Library underwent its first major renovation of the third and fourth floor to create more space for seating, power outlets, and group study areas.

[18] In addition to the fourth floor renovation, the library opened a new Virtual and Augmented Reality Lab.

[22] The Joseph & Matthew Payton Philanthropic Library & Philanthropic Archival Collection houses materials on social movements, ethical and moral issues, nonprofit management, religion in American public life, and religious traditions of charity and philanthropy.

In 1998, the reference and periodical areas were renovated to make room for the relocation of the Payton Philanthropic Library to the second floor.