The Union Board was originally organized by John M. Whittenberger in 1909 as an organization that would "further the interests of Indiana University and her students." Founding members included male students and two individuals in advisory positions, including University President William L. Bryan. In its early years, the male-only group met in the Student Building and the old Assembly Hall before the construction of the Indiana Memorial Union building was completed in 1932. In 1952, women were first admitted to the Union Board following a merger with the Association of Women Students.

Over time, the Union Board grew to consist of a governing body including an elected student Executive Team and group of student Committee Directors. As of 2010, the Union Board supported thirteen active programming committees overseen by three executive team members, making a combined total of sixteen student positions, all of whom work in tangent with Staff Advisors, Faculty and Alumni Representatives, and the Executive Director of the Indiana Memorial Union.

The goal of the Union Board is to serve students, faculty, alumni and the greater IU Bloomington community through a diverse range of events, activities, and programs. Major recurring activity initiatives organized by the Union Board include film screenings, concerts, performing arts acts, comedy shows, lectures, debates, the publication of Canvas arts magazine, Live From Bloomington local music programming, annual Madrigal Dinner performances, and a variety of international and culturally oriented events.