Established in 1922 as the College of Commerce, the Quinlan School of Business was part of the Downtown College. Expanding on the tradition of St. Ignatius College's business track, it offered both day and evening classes at the Downtown College. In 1946, the College of Commerce moved to the Lewis Towers Campus with the other Downtown College schools. It has remained at Loyola's Water Tower Campus ever since. In 1962, the College of Commerce was renamed the School of Business Administration.

Perhaps the most famous graduate of the College of Commerce is legendary comedian Bob Newhart.