Built as the Central Building, plans for the structure included space for the Mathematics, English, Botany, History, and Modern Languages departments, as well as the President's, Secretary's, Treasurer's and Board of Trustee's offices. When constructed was completely finished in 1908, the total cost was at just over $400,000. In 1938, Central Building was renamed Beardshear Hall after William M. Beardshear who was president of the college from 1891 to 1902.

There have been many changes in the usage of space within the building, but the structure has for the most part remained as originally built. The few visible changes resulted from the change of the inscription over the main east entrance from "Iowa State College" to "Iowa State University," the installation of air conditioning in the 1970's, and various renovations to meet changing fire codes.