This article examines the history, present, and future of historically Black colleges and universities (HBCUs). We begin with a brief review of the existing literature on HBCUs, considering common themes and how these institutions changed over time within a broader socio-historical landscape. In addition to historical information, we use a national database to illuminate trends and shifts in the students choosing to attend, and being served by, these institutions. We close by considering new challenges that face these institutions, addressing how HBCUs are positioned to move forward with their important mission of educating the Black community.