Averett was chartered in 1859 under the name of Union Female College. It has operated continuously, though undergoing several name changes. The name Averett was given to the then Baptist-affiliated college in 1917.

In the fall of 1969, Averett became a four-year, coeducational, baccalaureate degree granting institution. Since that time, Averett has experienced unusual growth and is emerging as one of the outstanding private senior colleges in Virginia. In 1978, the College began offering courses leading to the Master of Education degree. Then in 1983, Averett expanded its graduate program offerings by adding a Master of Business Administration degree.

On July 1, 2001, Averett College officially became Averett University, entering another chapter in the institution's history. In adopting university status, the Board of Trustees affirmed Averett's position as an innovative, small, private university that gives students the individual attention traditionally associated with small liberal arts colleges along with the advantages found at comprehensive universities. Today, even though the University in no longer affiliated with a religious denomination, Averett remains true to its heritage as an institution where Christian principles are valued and where teaching and learning come first. The University, in addition to its main campus in Danville, has grown to include learning centers throughout Virginia where working adults can experience the benefits of an Averett education.

The University is accredited by the Commission on Colleges of the Southern Association of Colleges and Schools (1866 Southern Lane, Decatur, GA, 30033-4097, telephone 404-679-4501).