In 1994, the original school was recreated under the name of the Lviv Theological Academy, and on 28 June 2002, the Ukrainian Catholic University was formally refounded.

For the next ten years, the Academy continued to grow and expand by opening new departments, enlarging its library, and increasing its publishing capacity.

[4] In September 1939, when Eastern Galicia fell under the Soviet control, the Theological Academy was closed and its students arrested or deported.

On 15 September 1941, shortly after the onset of Operation Barbarossa, the Academy's Church of the Holy Spirit and the library were ruined by German bombings.

The founding is seen by the university community as a culmination of efforts by the UGCC and Ukrainian academics to create an educational institution, which would grow on the foundation of "Christian spirituality, culture and worldview".

Borys Gudziak expressed his hope that UCU would be a center for cultural thought and the formation of the new Ukrainian society based on human dignity.

In 2018, UCU’s entrants had the top average standardized test score among all institutions of higher education in Ukraine.

In 2017, UCU was included in the book “The 10 Most Successful Ukrainian Brands,” a list of the best companies and organizations in Ukraine that set the pace in their various fields.