The University of Banja Luka was established on 7 November  1975. At the time the University consisted of five faculties: Faculty of Electrical Engineering, Technology, Mechanical Engineering, Law and Economics, as well as three higher schools. The other faculties were founded later : Medicine in 1978, Agriculture in 1992, Forestry in 1992, Philosophy in 1994, Architecture and Civil Engineering in 1995, Natural Sciences and Mathematics in 1996, Academy of Art in 1999 and Physical Education and Sports in 2001. The faculty of Philology, Faculty of Political Sciences and Faculty of Mine Engineering have been established in 2009.
Today the University of Banja Luka has 16 faculties with 52 licensed study programs. We have around 600 professors, 400 assistants and 450 Administrative staff members currently employed at the University. At present there are around 17.000 students at the University. The number of students that obtained their degree is as follow : more than 19.000 graduates, 700 specialists, 650 M.A. degree holders and 300 PhD holders.
Most of faculties of the University of Banja Luka, as well as university halls of residence with student dormitories, restaurants, recreation centres, student clubs and the University Computer Center are situated in two campuses, located close to the river Vrbas and not far from the city center.
As of 1 January 2008 the University of Banja Luka is integrated, with faculties as its organizational units. The Steering Board, Senat and Rector govern the University. Rector legally represents the University. There are four Vice – Rectors (in charge of : research and scientific work, international relations, teaching and student issues and human resources and other issues.)
The Bologna process started at all study programs at the University of Banja Luka in 2006/2007 school year, although some faculties started the Bologna reform even earlier. Three cycle study system has been introduced: bachelor , master and doctoral studies. ECTS system of valuation of subjects and total workload of students was introduced. The principle of annual workload of students up to 60 ECTS credits was introduced.