Ashmun Institute, which was founded in 1854, gave the birth to the Lincoln University. The Rev. John Miller Dickey, a Presbyterian minister, and his wife, Sarah Emlen Cresson (a Quaker) were those to found Ashman Institute. It was named after religious leader and prominent social reformer Jehudi Ashmun.

In 1868 Ashmun Institute changed its name in favor of the name of president Abraham Lincoln. In 1972, Lincoln University was suffering from some financial difficulties, and Horace Mann Bond, its president, made relationships with Albert Barnes, who helped to get rid of financial difficulties with the help of his collection. However, he stressed that collection should be used only while educating youth and the number of people who had an access to the collection should be extremely reduced.

In 1990, the foundation was at its bankrupt that is why the administration of the LU had to think about moving the collection to the public place and to arrange it in a form of museum in order to replenish funds. And with the help of the funds received from the visitors, all the needed renovations were made.

Nowadays, LU has campuses with 56 buildings, with 15 residence halls, which are able to accommodate 1,600 students.