Faculty of Arts is one of the oldest in the University, with its establishment at the inception of the University in 1982.This makes the Faculty as old as the University. It had three Departments at inception, namely: English and Literary Studies, History (now History and International Studies) and Yoruba Studies (now Linguistics and Nigerian Languages). Prof. O. Omosini, a Professor of History, was appointed as the pioneer Dean of the Faculty, while Drs. K. Affrifah, A.O. Fatoki, A.O. Ashaolu, R. Sekoni, R.O. Atoye, Mr. A.O. Falode, O.J. Olugbadehan and E.B. Uwatt were foundation academic staff in the Faculty. In 1984, Prof. O. Awobuluyi became the Dean and he handed over to Prof. E.C. Nwezeh in 1985. Other Deans of the Faculty in the early years include: Prof. S.O. Agbi, Prof. D.O. Olagoke, Prof. E. Dada Adelowo, Prof. A.O. Ashaolu and Prof. T.F. Jemiriye. Subsequent Deans are Prof. E.T.O. Bamisaye, Prof. M.A. Abiodun and Prof. S.O. Kolawole.  The current Dean of the Faculty, Prof. M.A. Abdu-Raheem, came into office in August, 2019.

Department of English and Literary Studies commenced academic activities with three lecturers and eighteen students. From its inception, the Department runs its programme as a combination of English Language and Literature-in-English. The Department has graduated several sets of students in different classes of degree, except first class.  The Department of History, which started in 1982, made a thorough review of its curriculum and changed its name to History and International Studies in 2003/2004 Academic Session. Department of Yoruba Studies did the same thing and changed to Department of Linguistics and Nigerian Languages in 1999.

In 1983, the Faculty added Departments of French, Religious Studies and Philosophy to its staples. The Department of French was phased out in 1989, after producing three (3) sets of graduates in French (Single Honours). With the establishment of the Nigerian French Language Village, Badagry, the study of the French came back on board in 1992, and a combined Honours Degree Programme was introduced.

Department of Linguistics and Nigerian Languages, an offshoot of the Department of Yoruba Studies, was established during the 1999/2000 Academic Session. Since its establishment, the Department has produced an appreciable number of graduates in both General Linguistics and Yoruba Language and Culture.

In the 1985/86 session, Department of Religious Studies and Philosophy was split into two separate Departments. The Department of Philosophy, since its establishment as a full-fledged Department, has grown and expanded in terms of number of staff, students and academic programmes. Department of Religious Studies, which in 1983 was a unit in the Department of Religious Studies and Philosophy, began by offering undergraduate degree programmes in Religious Studies in 1986. The Department, at present, mounts programmes in Christian Religious Studies, Islamic Studies and Arabic Studies. All the Departments also offer postgraduate courses.

In the 2012/13 Session, Department of Theatre and Media Arts was introduced to award a B.A. degree in Theatre and Media Arts, with two foundation staff moving from the cognate Department of English and Literary Studies.