The University of Arkansas Board of Trustees changed the name to honor James Volney "Vol" Walker in the spring of 1934.

Vol Walker Hall was born when University President John C. Futrall decided to utilize Public Works Administration funds available to the University of Arkansas to build a new library.

A two-year renovation and expansion of Vol Walker Hall was completed in 2013, culminating in the new Steven L. Anderson Design Center being attached to the historic structure.

The design center added 37,000 square feet (3,400 m2) of studio, faculty, and classroom space and allows the Fay Jones School of Architecture and Design to be entirely housed under one roof for the first time.

Designed by the School of Architecture's Distinguished Professor Marlon Blackwell, the expansion has received several awards in the architecture community, including a 2018 American Institute of Architects Honor Award for Architecture, a 2014 American Institute of Architects (AIA) Gulf States Honor Award and Architects Newspaper's Building of the Year.