The 125-year history of the Vienna University of Economics and Business as a teaching and research institution has always been interrelated with the historical and social development of the city. While in the beginning it was mainly the sons of industrial upper middle-classes who attended the Imperial and Royal (k. k.) Export Academy founded in 1898, the composition of fellow students changed little after the end of the monarchy: although in 1917 the first woman successfully completed her studies, it was mainly young men from the wealthy classes who attended the newly constructed building of the educational institution, now called the University of World Trade, in Währingerpark in increasing numbers. The duration of study was six semesters. The first two semesters were devoted to the basics of commerce, while the remaining four were devoted to international trade and banking. Graduates received the title Diplomkaufmann, initially abbreviated to Dipl.-Kfm., which was later replaced by Dkfm. Since 1930, the title Doctor of Commercial Science (Dr. rer. comm.) was also introduced, proving that the School of International Trade was evolving from a purely educational institution into a research one as well.

At the end of the 1930s, probably the blackest chapter in WU's history began: the National Socialists took command not only in the state but also at the universities and colleges. As a result, "non-Aryan" students had to leave the university immediately. The rulers were also meticulous about ensuring that only professors who were loyal to the regime were allowed to continue teaching. Teachers with National Socialist leanings were hired to replace those who had left. The studies for the students who were initially exempted from military service continued to last six semesters, but according to German study regulations only one diploma examination had to be taken. Teaching took place throughout World War II, but students were at risk of being drafted into the army. The academic titles acquired during the war remained valid after the Nazi period. In memory of the Jewish members of the Hochschule für Welthandel, a memorial was erected on the new campus WU some 80 years later.

From 1946, the Austrian study regulations were again in force, the number of students rose to 3,000 due to the war returnees, and additional teaching and research institutes were established. Until 1966, the university had a monopoly as the only academic training center for business administration in Austria. This changed when social science and economics courses were established at several universities. This was proof that the need for sound economic training was steadily increasing. At the University of World Trade, there were four fields of study in the late 1960s: Commercial Science (the only one in Austria), Business Administration, Economics and Business Education. The now eight-semester program ended with the master's degree, and the doctoral program with the doctorate in social and economic sciences.

The name was changed to Vienna University of Economics and Business in 1975, and the abbreviation WU became generally accepted. Subsequently, the number of students increased continuously, so that a new building of the WU was due. It was in line with the political spirit of the times that a university education should be as affordable as possible for all. Tuition fees were abolished, and the term "mass university" was coined. The new building in Althanstraße, as part of the new university center on the slab above Franz-Josefs-Bahnhof, was inaugurated in 1982, but was undersized from the start. From a projected 9,000 students, the number leveled off at around 20,000 in the 1990s.

At the same time, the universities were given more autonomy, and the rectorate, which is elected for a four-year term, has had more decision-making leeway since then. WU switched to a new study law. Ten years later, it became the first university in Austria to convert its course offerings to the Bologna system, from master's degree programs to bachelor's and master's programs. 2013 saw the opening of the new campus with 90,000 square meters of usable space; more than half of the usable space is publicly accessible open space. Construction took four years on the grounds of the former World Exhibition and later Exhibition Center. It consists of six building complexes, designed by world-renowned architects, which provide enough space for 25,000 students and 1500 employees.

Despite the large number of students, including around 6000 international students, consistent attention has been paid over the past decade to achieving a high international reputation. This has been achieved with three high-ranking accreditations (EQUIS, AACSB and AMBA), which attest to WU's high quality standards.