The Faculty of Education was first established in the University of Lagos in 1964, two years after the University itself was founded. Professor Emeritus C. O. Taiwo was its first Dean. In accordance with the report of the Advisory Commission of UNESCO which prepared the initial plans for the University of Lagos, the original Faculty of Education was merged in 1967 with the Federal Advanced Teachers' College (FATC) which had been opened on a site adjacent to the permanent site of the University with financial and manpower support from the United States Agency for International Development (USAID). As a result of the merger, a College of Education was established in line with the general collegiate structure of the University at the time, with a Provost as Head of the College. Both professional education discipline and content teaching subjects were taught within the College. The College also inherited the National Certificate in Education (NCE) programme from the FATC. Hence, the College mounted programmes for the NCE, Bachelor's degree and Postgraduate degrees in Education.

In 1975, the College was dissolved and replaced by a Faculty of Education and an Institute of Education. The Faculty of Education was charged with long-term professional training of teachers and other education specialists. It was agreed that the Faculty cooperates with other faculties in the University, which would teach the content of subject matter discipline. The NCE programme was gradually phased out and the last set of students completed their programmes in 1982.

The first Dean of the new Faculty of Education was Professor M. O. A. Durojaiye (1975-19­79). Other Deans were Professors Lalage Bown (1979-1980), Late S. A. Adejumobi (Ag. Dean 1980-1983), A. O. Osiyale (1983-1987), L. Oyedeji (1987-1991), M. S. Olayinka (Ag. Dean, 1991-1992), A. O. Kalejaiye (1992-1994), E. ala Obe (1994-1998), Late T. O. Odunusi (1998­-2000), K. A. Adegoke (2000-2004),  Duro Ajeyalemi (2004 - 2008), Late Temi Busari 2008-2010, P. B. Ikulayo (Ag. Dean, February - July 2010), Prof. M. A. Bidmos(2010 - 2012). The current Dean, Prof. (Mrs) O.M Omoegun was elected and appointed on August 1st, 2012. The Faculty was situated at the erstwhile Federal Advanced Teachers College, Akoka.