The school has a profound humanistic heritage and a long history. It originated as Shandong Provincial Commercial Specialized School in 1948, and has undergone several name changes, mergers, suspensions, and assistance in other schools over the years. On July 4, 2011, the former Shandong Economic College and the former Shandong Finance College merged to establish Shandong University of Finance and Economics. On June 9, 2012, it was officially inaugurated and established.