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The university is an offshoot of the erstwhile Postgraduate Centre of Sri Venkateswara University started in 1968. Subsequently, in 1976, the SVU Postgraduate Centre attained autonomous status. Its Vice-Chancellor for the first two terms was M. Abel (1981–87).

In 1987, with a capital outlay of Rs. 1.2 crores, Sri Krishnadevaraya Institute of Management was started with funding from the UGC. In 1988, the university which was originally a unitary, residential institution, became a full-fledged affiliating university. The Postgraduate Centre at Kurnool under the jurisdiction of Sri Venkateswara University was made over to Sri Krishnadevaraya University in 1993. Sri Krishnadevaraya University College of Engineering & Technology was started in 2006 with self-finance.