In addition to the main campus in Downtown Austin, McCombs offers classes outside Central Texas in Dallas, and Houston.

Effects of the 1990s technology boom and dot-com bubble were palpable in Austin, leaving the nickname "Silicon Hills" on the city.

On May 11, 2000, an auto dealership owner Red McCombs announced a $50 million donation to UT Austin.

[8] The McCombs School is bordered by Waggener Hall (the former home of the College of Business Administration) to the North, Gregory Gymnasium, and E. P. Schoch Building (one of the last overseen by campus master planner Paul Cret)[9] to the East and is adjacent to Perry–Castañeda Library to the south.

Since its inception, the addition to the College of Business Administration Building houses the separate graduate MBA program.

[4][11] Located on the southwest corner of the UT campus, the AT&T Executive Education and Conference Center is a multi-function complex and hotel.

[13] A statue titled "The Family Group" by sculptor, and former UT College of Fine Arts professor, Charles Umlauf sits in the middle of McCombs Plaza at the southern entrance of the GSB Building.

[14] In August 2012, the University of Texas System Board of Regents approved a proposal for a new $155 million, 458,000-square-foot Graduate Business Education Center to serve MBA, M.S., and upper-level undergraduate courses.

[19] In addition to traditional graduation routes, McCombs offers a five-year program where students earn their BBA and Master in Professional Accounting (MPA) degrees concurrently.

[24] MBA applicants however are encouraged to have at least two years of full-time work experience and are required to take the Graduate Management Admission Test (GMAT).

Emphasis is placed on class discussion and presentations, case study analysis, and the research of actual business decisions.

Top recruiters at McCombs historically include PriceWaterhouseCoopers, Ernst & Young, Deloitte, KPMG, Bank of America Merrill Lynch, JP Morgan Chase, Credit Suisse, Dell, Citigroup, Boston Consulting Group, Microsoft, Chevron, and BP.

[19] Lillian Mills succeeded Jay Hartzell as dean on an interim basis in April 2020, and held the position permanently from June 2021.