The idea of setting up economics studies in Toruń was brought into life in November of 1945 when the Department of Law and Economics was established. The Department started to educate in the field of law, however, due to the lack of proper specialists education in economics had to be suspended. Consequently, at the beginning of the academic year 1948/49 the Department of Law and Economics was transformed into the Department of Law, and the Chair of Political Economics was preserved in its structure.
The higher education in the field of economics was practically commenced at the Toruń University in 1968. With the Act of 13th of June 1968 the Minister of Education founded the Institute of Economics at the Nicolaus Copernicus University, and it was given the rights of a higher school department. The organizer and the first director of the Department was prof. Jerzy Liczkowski who moved from the Poznań Academy of Economics to UMK. The beginning of the academic year 1968/69 was welcomed by 22 scientific and teaching staff ready to start their work with the first 66 students.
In 1976 the Minister of Education transformed the Institute into the Department of Economic Sciences and within the new department two institutes were set up - the Institute for General Economic Problems and the Institute for National Economy Management. In 1983 the organizational structure of the Department of Economic Sciences was changed from the 'institute' into the 'departments and chairs' structure. In January of 1993 the UMK Senate changed the name of the Department into the Faculty of Economic Sciences and Management adopting it to the new directions both in teaching programmes and scientific research.
At the initial phase education within full-time studies in the field of production economics and organization was concentrated on the two specializations: industrial economics and organization, agricultural economics and organization. In 1976 studies in the third specialization were commenced: construction industry economics and organization and in 1979 in the fourth one: agricultural economics.
In 1977 another field of studies at the Faculty was established - the field of economics and social studies with two specializations: work organization economics and social policy. This structure was maintained till the end of the eighties.
Due to the social and economic changes that started to take place in Poland 1989 some actions were taken (as early as in 1988) which were aimed at implementing comprehensive reforms of the economics studies at UMK. The reformed system of studies was introduced at the beginning of the academic year 1990/91. The former field of studies was replaced by management and marketing. In 1995 another field was set up - economics. In 1994 the Faculty began to run doctoral studies.