SUFE’s history can be traced back to the fall of 1917 when a commerce program was established at the Nanjing Advanced Normal School. In 1921, the program was transferred east to Shanghai and became the Shanghai University of Commerce. This university was the first commerce university on the mainland. It was run by Southeast University and Jinan University. Guo Bingwen, a PhD from Columbia University, was the first Chancellor. Ma Yinchu, another PhD from Columbia University, became the first Director of Academic Affairs. Many other Chinese scholars who had studied abroad also joined the faculty. To illustrate this, in the 1923-1924 academic year, 11 of the 16 Chinese teachers at the Shanghai University of Commerce had earned their degrees from outstanding foreign universities like Harvard University, Columbia University, the University of Pennsylvania, the University of Illinois and Edinburgh University. 

In 1928, the university changed its name to the School of Commerce of Central University. The school became independent of Central University in 1932 and was then called the National Shanghai College of Commerce. With this transition, it became the first completely independent commerce university on the mainland. In 1950, the college was again renamed, becoming the Shanghai College of Finance and Economics. SUFE became the only financial university in East China after the adjustment of faculties in the 1950s.

In 1985, it adopted its present name, the Shanghai University of Finance and Economics, and Great Elder Chen Yun (1905-1995), one of modern China’s most influential leaders, inscribed the university’s name and presented it to SUFE as a gift. In 1997, CPCCC General Secretary Jiang Zemin also made an inscription at the celebration of the university’s 80^th anniversary. He wrote, “With eyes toward the new century, go forth and thoroughly transform the Shanghai University of Finance and Economics into a first-rate socialist university.” In 1999, Yang Xingfu, a graduate of Harvard University, was appointed as Professor and Dean of Commerce. Over the years, SUFE has cultivated many now well-renowned scholars, including Ma Yinchu (1882-1982), Sun Yefang (1908-1983), Chu Fengyi (1898-1975), Gong Qinghao (1909-2001), Li Hongshou (1909-1998), and Sun Huairen (1909-1992).