In 1941, Cooperative Department was developed in Kasetsart College. In 1943, it became one of four units in "Faculty of Cooperatives", which was one of the first four faculties of Kasetsart University.
In 1956, Faculty of Cooperatives was renamed "Faculty of Cooperative Economics", and offered the first Master Degree Program in Agricultural Economics. In 1966, the name was changed again to "Faculty of Economics and Business Administration" to embrace both disciplines.
In 1969, all units changed their status becoming "Departments" for better administration.
In 1992, Faculty of Economics and Business Administration was divided into two faculties: Faculty of Business Administration and Faculty of Economics.
Presently, Faculty of Economics consists of 7 operating units: Department of Economics, Department of Agricultural and Resource Economics, Department of Cooperatives, Office of Administration, Graduate Study Center, Center for Applied Economics Research, Cooperative Academic Institute, and Bidyalankarana Library.