Yangon University of Economics began as the Department of Economics under the University of Yangon in 1924. In 1940, the Department of Economics began teaching Commerce as a special subject. Special courses in Statistics were given by the Department of Economics in 1953. Then in 1955, as separate Department of Commerce was established and in 1956 a separate Department of Statistics was established.

In 1964, The Institute was founded as an independent tertiary institution composing of three academic departments; Department of Economics, Department of Commerce and Department of Statistics. In 1966, a separate Research Department was created. But in 1988 the Research Department was transformed into the Department of Management Studies, and a new academic department, the Department of Applied Economics was created. The institute now has five major academic departments and four supporting academic department: the Myanmar Languages, English, Mathematics and Geography Departments.

The University is accredited to the Centre of Excellence (COE) and is also a member of the ASEAN University Network (AUN).

The Kamaryut Campus is located on the shores of Inya Lake at the corner of Inya Road and Pyay Road. It is recognized as a Graduate School of Economics. This is where MPA and some Master and Diploma classes are held.
Ywathagyi Campus is the newest campus where the majority of students get their education.
Padamya Campus, situated close to the Hlaing Campus, is where postgraduate courses in business administration and management are offered.
Hlaing Campus, situated about a mile from the main campus, is where certificate courses and diploma courses under the centre from Human Resource Development are offered.