The Business School was formerly the earliest established Department of Systems Engineering and the Institute of Systems Engineering in China (1979). In November 1979, famous scientist Qian Xuesen made a special trip to the school to investigate the cultivation of undergraduates majoring in systems engineering, and delivered a speech at the inaugural meeting of the Institute of Systems Engineering of Shanghai Institute of Mechanical Engineering. In the same year, the school started to run international programs. In December, the school formally signed an inter-school cooperation agreement with the Sloan School of Management of the Massachusetts Institute of Technology, which was the earliest Sino-foreign cooperative education project in Shanghai after the reform and opening up.

In 1981, the school cooperated with MIT and other universities in the United States and Canada to start an MBA program in English. In 1983, the US Wall Street Journal published a special report, saying that ‘this move created a precedent for MBA education in China.’

In May 1992, the Department of Systems Engineering and the Institute of Systems Engineering merged to establish the School of Systems Science and Systems Engineering. In May 1999, it was renamed the School of Management. In 2004, the former Shanghai Medical College School of Management was placed under the School of Management, On January 22, 2005, ‘Shanghai Institute of Systems Science’, which was jointly established by the Institute of Systems Science of the Chinese Academy of Sciences and Shanghai University of Technology and named by Comrade Qian Xuesen, was listed at the school. In January 2006, the school merged and reorganized with the school business school to establish a new management school. The business school was founded in 1988, and its roots can be traced back to the 1930s Shanghai Hujiang University Chengzhong District Business School. In 1997, the business school merged with the management department of the former Shanghai Mechanical College to form a new business school. The alumni have made many achievements and influenced all continents.

The school has 10 departments and a center: Department of Information Management and Information System, Department of Industrial Engineering, Department of Accounting, Department of Business Administration, Department of Public Administration, Department of Finance and Taxation, Department of Finance, Department of International Economics and Trade, Department of Systems Science, Department of Transportation and Systems Engineering, professional degree education center. There are also Shanghai Institute of Systems Science, China Machinery Industry Accounting and Audit Research Center, Ministry of Education Country and Regional Research Center-China's Peripheral Economic Research Center, Shanghai Engineering Management Society, Shanghai People's Government Development Research Center-Shanghai University of Technology Internet +-based Shanghai Innovation Development Decision Consulting Research Base, Shanghai University Humanities and Social Sciences Key Research Base-Shanghai University of Technology E-commerce Development Research Institute, Enterprise Innovation Ability Research Center, Super Network Research Center, Complex System Science Research Center, Entrepreneurship Educational research centers and other research institutions.

The school has adopted a multi-type and multi-level school-running model. The discipline involves four sub-disciplines: management science and engineering, business management, and public management under the management discipline; applied economics under the economics discipline; system science under the sciences discipline; and transportation engineering and systems engineering under engineering discipline

The school has 11 undergraduate majors, 2 first-level doctoral degree authorization points (management science and engineering, systems science), and 4 first-level master degree authorization points (applied economics, public management, business management, transportation engineering ), 10 authorization points for professional degree (Master of Business Administration, Master of Public Administration, Master of Engineering Management, Master of International Business, Master of Finance, Master of Accounting, Transportation Engineering, Industrial Engineering, Project Management, Logistics Engineering), 2 post-doctoral mobility stations (management science and engineering, system science). Among them, management science and engineering are Shanghai plateau disciplines, and system science is Shanghai peak discipline (first-class discipline); applied economics (economic system operation and control) is a key discipline of Shanghai Education Commission. In the fourth round of subject evaluations of universities in the country, Management Science and Engineering ranked 19th and System Science ranked third. In 2016, the school was approved by the 13th Five-Year Plan Shanghai Civil Administration Research Base.

Academician Wang Yingluo served as Honorary President and Director of the Academic Affairs Committee. At present, there are 238 faculty members and 202 full-time teachers, including 1 member of the Disciplinary Review Group of the State Council, 1 member of the Education Steering Committee of the Ministry of Education, 1 national outstanding teacher, 1 selected by the Ministry of Education New Century Excellent Talent Support Program, 1 young teacher of the Huo Yingdong Foundation of the Ministry of Education, 1 Wang Kuancheng Yucai Award, 1 backbone teacher of the Ministry of Education, 2 cross-century academic leaders of the Ministry of Machinery, 4 Baosteel outstanding teachers, 6 Shuguang Scholars, 1 Shanghai Municipal Education System's ‘Scientific Research Star’, 3 Pujiang Scholars, 1 Shanghai Famous Teacher, 5 Shanghai Yucai Awards, and 2 Shanghai Youth Science and Technology Star Programs , 1 Chenguang Scholar. The school has 31 teachers with senior professional titles, 87 with associate professional titles, and 178 with doctoral degrees.

In the past three years, the school has applied for 20 national-level projects, including 14 national natural science fund projects and 6 national social science planning projects. The total amount of various scientific research projects received was 28.23 million yuan; 4 invention patents; 81 software with copyrights; more than 50 consultation reports have been adopted by the government; 43 monographs published, 41 edited, and 2 translated. The school has published a total of 1,784 papers, of which 503 are in category A and 1082 are in category B; 201 SCIE and 40 SSCI.

In May 2018, the college officially passed the AACSB international certification, marking Shanghai University of Technology as the first university in the non-Ministry of Education to pass the AACSB international certification.

The school currently has 1 undergraduate Sino-US cooperative education project and 1 Sino-Swiss double degree international cooperative education project. In 2018, the school signed cooperation agreements with the University of Wisconsin, the Brest Business School in France, and the Rutgers Kenton Business School in New Jersey, and invited a large number of foreign teachers to the school to teach and give lectures for the cooperative education projects and sent a large number of students to study abroad. More than 100 international exchange students from Sweden, Germany, the United States and other countries came to study in the school.