The Bank was established by the Qing Dynasty government under the name Hubu Bank in Beijing in August, 1905. In 1908, Hubu Bank was renamed Da Qing Bank. After the establishment of the Republic of China on January 1, 1912, Dr. Sun Yatsen, the Republic's first Provisional President, on January 28, 1912 sanctioned the renaming of Da Qing Bank to Bank of China.

On May 12, 1916, the Republic's first President, Yuan Shikai, ordered Bank of China and Bank of Communications to suspend redemption of banknotes, as he planned to misappropriate the reserves. This shocked the entire country, particularly those holding banknotes of the Bank of China and Bank of Communications. Determined to oppose Yuan Shikai's decree, the Bank ran newspaper advertisements telling holders of banknotes issued by BOC that their money would be encashed, and guaranteed their redemption by prolonging business hours and opening on Sundays.

Afterwards, the shareholder association of BOC gave their reason for opposing to the State Council, the Ministry of Finance, provincial military governors and branches of BOC: “The order of the central government to stop encashing banknotes of Bank of China and Bank of Communications is an implied declaration of bankruptcy by the banks and even the government, which directly exploits the citizens and destroys the vitality of the country. From that point on, financial credit will be lost. BOC domiciled in Shanghai notifies the manager to encash as usual upon the resolution of shareholders. By failing to execute the order of the central government, we request you to support us in giving the country vitality and allowing citizens to survive...” Newspapers in Shanghai praised BOC: “Action of this kind is rare in Shanghai. Thanks to BOC, unimaginable panic and unrest has been avoided. The courage and patriotism of BOC should be praised.”

In 1929, BOC sent delegations to 18 countries, including the United Kingdom, the United States, France and the Soviet Union, to learn from their banking management experience. This resulted in the reform of BOC's organizational structure and management and personnel systems, and helped promote a unified accounting system. With one quarter of all bank deposits and one third of all currency volumes in circulation, BOC in the 1930s ranked first in the financial industry of China in terms of credit standing and strength.

In 1931, the national government of Nanjing decided to suspend payment of interest and repayment of principal on government bonds owing to a serious financial deficit, and embezzled domestic debt funds for the expenditure of the government. Zhang Jia'ao, the general manager of BOC at that time, was determined to oppose the government and protect the interests of the public and the reputation of Bank of China. He made an alliance with the financial community in Shanghai and requested that the government revoke its decision to resolve political unrest and financial uncertainty.

During World War II, BOC raised funds to support the resistance against fascist aggressor and provided capital to support factories producing materiel for the war effort and goods for the survival of the Chinese people. After the foundation of the New China, BOC participated in the economic construction of the country and worked towards its prosperity.

During the first 20 years after China's reform and opening up, BOC has given strong support to industry, accounting for the financing of 10% of China's nuclear power equipment, 85% of program-controlled telephone equipment, 85% of aircraft and rockets, 100% of all ocean-going ships, 90% of textile and light industry equipment, and 80% of production lines for color TVs, refrigerators and high-end clothes, as well as the equipment for over 2,000 highend hotels in China. By contributing towards the country's economic boom, BOC has become the only bank that has continuously realized a profit in China.

Throughout the history of the Bank, whatever challenges we may have faced, Bank of China has never ceased doing business. In the early 1980s, when Armand Hammer, CEO of the Occidental Petroleum Company, visited China, Comrade Deng Xiaoping invited him to invest in the country. Hammer said that he would not invest unless BOC was engaged. When asked by Comrade Xiaoping for the reason, Hammer said that BOC had a good reputation and believed that his investment would be guaranteed with the Bank - just one example of the high reputation BOC enjoys in the international business community.