The University began as Morehead Normal School, which opened its doors in 1887. The private school closed in the spring of 1922 when the Kentucky General Assembly established Morehead State Normal School. The state institution accepted its first students in the fall of 1923 and graduated its first class in 1927. It was renamed several times: in 1926 as Morehead State Normal School and Teachers College, in 1930 as Morehead State Teachers College, in 1948 as Morehead State College, in 1968 as Morehead State University.

MSU is organized into the following colleges:
- Caudill College of Humanities
- College of Business
- College of Education
- College of Science and Technology

Academics
Morehead State was the first institution in Kentucky to offer a complete degree program, the Master of Business Administration (MBA), online. The University has erected a space tracking system in partnership with NASA as the first component of the Space Science Center.

Financial Aid
There are several types of financial aid available. Grants and scholarships are considered "gift aid" because they generally do not have to be repaid. Loans and employment are considered "self-help aid" because loans have to be repaid and by working you earn money for educational expenses. Most grants, some loans (Subsidized Stafford and the Perkins Loan), and Federal Student Employment are need-based financial aid programs. The Unsubsidized Stafford and the Parent Loan for Undergraduate Students (PLUS) are considered non-need-based. Scholarships can be based upon merit, financial need or both.

There are four main sources of financial aid. These include the federal government, the state government, the institution and private entities. The federal government is by the far the largest source of financial aid.