Authorized as a state-supported institution of higher learning by the State of South Carolina on June 25, 1969, Francis Marion College was officially established on July 1, 1970. Founded in response to an overwhelming need for a public higher education institution in the Pee Dee region of South Carolina, the College became Francis Marion University in 1992. The university was named in honor of a Revolutionary War hero, General Francis Marion, who was nicknamed the "Swamp Fox" for using the South Carolina terrain in effective guerrilla warfare against the British.

The University traces its history to 1957 when the University of South Carolina established a "freshman center" at the Florence County Library. In 1961, a permanent campus for USC-Florence was established seven miles east of Florence on land donated by the Wallace family, the current location of FMU. By 1966, enrollment at USC-F had reached 350 and community leaders began a movement to establish a four-year institution to meet better the educational needs of the region. Following a Commission on Higher Education recommendation, Gov. Robert E. McNair signed into law an act creating Francis Marion College, effective July 1, 1970. The College began its first academic term when students from 23 of South Carolina's 46 counties gathered on August 31, 1970 for the first fall convocation and orientation. A total of 907 students subsequently enrolled in programs offered through the College's initial 10 departments.

During its first year, the College embarked on a building program which saw occupancy of the James A. Rogers Library in 1971, the Robert E. McNair Science Building in 1972, the Walter Douglas Smith University Center and Founders Hall in 1974, the John K. Cauthen Educational Media Center in 1977, the Peter D. Hyman Fine Arts Center and the Village (student apartments) in 1980, three residence halls and the Edward S. Ervin Dining Hall in 1986, the Thomas C. Stanton Academic Computer Center and the Reames Wing to Rogers Library in 1988, an addition to the J. Howard Stokes Administration Building in 1990, three more residence halls and the Allard A. Allston Housing Office Complex in 1992, the Hugh K. Leatherman Sr. Science Facility in 1994, and the BB&T/Amelia Wallace Alumni/Faculty House in 2003.

The institution has had four presidents: Dr. Walter Douglas Smith (1969 to 1983), Dr. Thomas C. Stanton (1983 to 1994), Dr. Lee A. Vickers (1994 to 1999), and Dr. Luther F. Carter (1999 to present).

Today, Francis Marion University's academic program consists of a College of Liberal Arts, a School of Business, a School of Education, and more than 30 programs of study, as well as a variety of cooperative and pre-professional programs. The University employs about 200 full-time and part-time faculty members and about 270 staff.