The Faculty of Business and Social Sciences started on a modest scale with the establishment of two Departments which served as some of the pioneering Departments in the University. These are the Departments of Geography and Economics established in 1976 and 1977 respectively. These Departments were part of the then Faculty of Arts and Social Sciences. In 1981/1982, the Department of Accounting and Finance was established while the Department of Business Administration also came into existence in the 1982/1983 academic session.

The Faculty also runs postgraduate programmes leading to the award of Masters and Doctorate degrees in various disciplines. In addition, the Faculty runs and coordinates Professional Masters and Diploma programmes. The breakdown of the programmes according to Departments is as follows:

History 

The Department of Economics was established in 1977 to offer the B.Sc. Degree in Economics.  The Department was under the then Faculty of Arts and Social Sciences between 1977 and 1981, and later Faculty of Business and Social Sciences. With the splitting of Faculty of Business and Social Sciences into Faculty of Management Sciences and Faculty of Social Sciences in 2014, Department of Economics now belongs to the Faculty of Social Sciences.

The Department of Geography, University of Ilorin was established n 1976 as one of the pioneering Department of the University.  The department started with twenty-nine students and two resident academic staff members at the present Mini-Campus of the University.  The other Lecturers came from the University of Ibadan on part time basis.  By the start of 1978/1979 academic session, there were six Nigerians and three expatriates on the academic staff of the Department. 

At inception during 1982/83 session, the Department was known as Department of Government and public Administration. The department used to award two separate degrees: B.Sc. Political Science and B.Sc. Public Administration. The name of the department was latter change to the Department of Political Science in 1992 and thereafter, started awarding B.Sc. Political Science degree as from 1994/95 session. 
Along with the programme in B.Sc. Political Science, the department also runs Postgraduate programmes which include: M.Sc. Political Science, Master of Public Administration (MPA) and Masters of International Studies (MIS) which commenced in 2002/2003 session.