The Department was established in 1970 with the creation of the Chair in Probability Calculus and Mathematical Statistics at the former Faculty of Sciences. The chair was occupied by D. Segundo Gutiérrez Cabria, who was the first Director. Later, with the division of the Faculty, the Department was created and became ascribed to the new Faculty of Mathematics.

The Department includes the professors of the area of knowledge of Statistics and Operational Research at the University of Valencia, who develop their research in many fields of Probability, Statistics, Optimization and Operational Research, participating in projects, agreements and contracts with companies and public institutions.