Shanghai University of Finance and Economics (SUFE) began as a business program at the Nanjing Higher Normal School in 1917. Yang Xingfo, a well-known social activist and patriotic democrat, was appointed as program director. In 1921, as part of the plan to establish the National Southeast University based on Nanjing Higher Normal School, the business program was restructured and transferred to Shanghai, where it established Shanghai University of Commerce under National Southeast University. This university was the first commercial university in China's history of education. Guo Bingwen, a renowned educator, acted as president, and Ma Yinchu, a well-known economist, was the provost.

In1932, the university split and became known as the National Shanghai College of Commerce, the only national undergraduate business school in China at the time. In 1950, the university was renamed as the Shanghai College of Finance and Economics, and in 1985, it was renamed as Shanghai University of Finance and Economics. In 2000, the university became subordinate to the Ministry of Education and it is now jointly developed by the Ministry of Education, the Ministry of Finance and the Shanghai Municipal People's Government.

After generations of hard work and unremitting efforts, Shanghai University of Finance and Economics has become a multi-disciplinary key university that focuses on finance and economics and maintains coordinated development in economics, management, law, arts and science. The university covers an area of about 136 acres (826 mu) and consists of three campuses, with the main campus at No. 777 Guoding Road.

Economics and business, social sciences, engineering and enviroment & ecology continue to rank among the top 1% of the world in ESI. In the 2023 QS World University Rankings by Subject, economics and econometrics ranked 109th in the world, and accounting and finance ranked between 151-200 in the world; in the 2023 U.S. News ranking of the world's best universities by subject, economics and business ranked 100th in the world; in the 2023 Shanghai Ranking's Global Ranking of Academic Subjects, finance ranked 43rd, economics ranked between 76-100, and management and statistics and public management ranked between 101-150 in the world.