The library was founded in the autumnof 1906. Initially, it was replenished with donations of documents from local governments, societies, statistical committees, editorial offices of scientific collections, enterprises and institutions. The library received a significant number of books as gifts from professors K. G. Voblyi, O. M. Giliarov, O. M. Guliaev, M. V. Dovnar-Zapolsky, O. O. Eichelmanandmany others, as well asthanks to the funds received from tuition fees in the first academic year.

In 1909, a reading room and a library of textbooks were opened. In the same year, the institute began issuing its own printed edition "Izvestia of the Kiev Commercial Institute" edited by O. O. Rusov and began exchanging duplicate editions with other libraries and institutions.

In addition to the main library, special libraries and reading rooms were organized for practical classes in specificfields of knowledge.

In 1912, a large room was allocated for the fundamental library, the number of library visits increased. The library fund amounted to 20,932 samples.

In 1919, the library of the Kyiv Commercial Institute had not only a universal, but also the only specialized fund in Ukraine, where a significant collection of economic literature was gathered. It was the first universal library of economic knowledge.

As of August 1, 1925, the library fund amounted to 46,818 titles, 64,120 samples.

In 1934, the Kyiv Financial and Economic Institute was transferred to Kharkiv. The institute's library, which in 1941 countedabout 220 thousand samplesof literature, burned down during World War II.

On March 25, 1944, the government of Ukraine tooka decision to return the Institute to Kyiv. At the beginning of the 1944/45 academic year, the library heldonly 3,170 books and brochures. The library was located in unsuitable premises on the first floor of the institute building at 2 Andriyivska Street.

In August 1945, the library's collection already numbered almost 18,000 samples. The library worked in two shifts, and during sessions – seven days perweek.

In 1958, the Institute moved to new premises – Brest-Litovsky Avenue(now – 54/1BeresteyskyAvenue), where the library obtained placefor its departments: a book depository, a subscription for educational literature, and a reading room for students.

The 1970s. A reading room for the teaching staff and postgraduate students was opened, the former gymnasiumof the Institute was re-equippedinto a student’sreading room. A subscription for classic literaturewas established. The department of scientific and technical information, as well as a reading room for periodicals were opened. The "Literary Club" is functioningalongside with a subscription for classic literature.

The 1980s. The library's activities continued to develop, the book collection and the number of library departments grew. A reading room for foreign literature was opened, a subscription for educational literature for students of correspondence studies, reading rooms in the educational building No. 2 and in the dormitorywere opened. The library's collection exceeded 760 thousand samples, the library served more than 12 thousand readers and continued to be the center of cultural, educational and formationalactivities of the University.

The 1990s. The number of readers was constantly growing, there wereabout 15 thousand of themthen. The workswereunderway to automate bibliographic and information processes.

2002.The library fund approached 1 millionsamples, the library served over 25 thousand users on 4 subscriptions and in 8 reading rooms.

In August 2006, the library received a new premises – a high-tech modern building.

In 2009, a single electronic user database was created. An electronic reader formwas introduced. The technology of electronic document ordering was implemented. An electronic library was created.

Since October 2010, according to the decision of the Academic Council of the University, the library has become the main coordinator and executor of the process of creating and ensuring the functioning of the institutional repository of KNEU.

The work of the library in the 2012–2018 academic years was aimed at introducing innovations, improving library technologies, further expanding the range of services, creating a comfortable space for study, work and communication. The scientific work of the library was associated with the elaboration and development of its own modern scientific and information products.

The library has begun a gradual transition to the systematization of documents according to the Universal Decimal Classification.

According to the decision of the Academic Council of the University, the library was named after M. V. Dovnar-Zapolsky, the founder of our University.

2019.The library is being restructured. The SOVA student space has been opened. The transfer of the fund to the UDC has begun. The opening of the "Dyvosvit Trypillia"Center for the Study of Trypillia Culture inKNEU took place.