Dr. Nicanor Reyes Sr., founder and first president of FEU, dreamt of an institute of medicine in line with his vision of building up FEU, already a pioneer in progressive non-sectarian education, into a school dedicated to help in the nation-building in as many areas of service as possible. In 1952, the Institute of Medicine was established, a medical school staffed by some of the most prominent names in Philippine medicine.

The Institute of Medicine occupied the 3rd to the 7th floor of the Science Building of the university from 1952 to 1983. The hospital construction was completed and became operational on October 22, 1955. In 1962, the Institute started another branch of training in health science when it admitted the first batch of students in the School of Medical Technology.

On August 7, 1970, the Board of Trustees, upon ratification by its stockholders, announced the conversion of the Institute of Medicine, School of Medical Technology, and the hospital into a non-stock, non-profit educational foundation, now known as the Far Eastern University-Dr. Nicanor Reyes Medical Foundation.

In 1983, the FEU-NRMF transferred into two buildings purchased from the university. To address the exigency for a more comprehensive and relevant health care system, the Board of Trustees approved a resolution on March 21, 1994 for the approval of a course leading to a degree of Bachelor of Science in Physical Therapy. Due to a need for expansion, the Board of Trustees approved the relocation of FEU-NRMF to a 1.5 hectare lot in Quezon City in 1995. The Institute of Medicine and the hospital presently known as the FEU-NRMF Medical Center, transferred in 1999 to a healthy, safe and peaceful environment for education and medical care in West Fairview, Quezon City.

The Commission on Higher Education conferred the singular privilege of DEREGULATED STATUS to FEU-NRMF from Oct. 22, 2001 to Oct. 21, 2006 for its meritorious achievement in higher education in the provision of instruction and in the conduct of research and community extension services, for high performance of graduates in licensure examinations, and for maintaining a tradition of integrity and an untarnished reputation in the educational service. With the increasing demands for the health profession, the FEU-NRMF School of Nursing was established on May 2003, followed by the School of Respiratory Therapy in 2007.

As part of its expansion efforts, the institute has been upgrading its training facilities, hence, the construction of the Josephine Cojuangco Reyes (JCR) Building in 2010, which presently houses the gymnasium, swimming pool, fitness gym and additional classrooms.

On September 30, 2011, Mr. Nicanor C. Reyes III, was installed as the new Chairman of the Board of Trustees. Continuing on with the legacy of the founders, Chairman Reyes' vision of bringing FEU-NRMF to new heights was evident with the ground-breaking ceremony for a construction of a 22-storey tower on July 26, 2012. This will answer the growing need for classrooms, lecture halls, library expansion, and other facilities for school activities. Organizational change was also instituted. Atty. Antonio H. Abad, Jr. was appointed as the President of FEU-NRMF on April 15, 2013. The Academic community was likewise reorganized having Deans of the eight program offerings under the Vice President for Academic Affairs. Three new programs are added namely BS Pharmacy, BS Nutrition and Dietetics, BS Radiologic Technology, with CHED permission to operate starting SY 2013-2014.

FEU-NRMF is a member of the Philippine Association of Colleges and Universities. The School of Medicine is accredited by the Philippine Accrediting Association of Schools, Colleges and Universities (PAASCU) and the Federation of Accrediting Agencies of the Philippines (FAAP) granted Level II Accredited Status to the Medicine Program. Likewise, the Medical Technology, Physical Therapy and Nursing programs are accredited by PACUCOA. The FEU-NRMF Institutional Ethics Review Committee was awarded the Level 3 PHREB Accreditation (Philippine Health Research Ethics Board) with effectivity date from November 25, 2014 to November 25, 2017 and FERCAP Recognition (Forum for Ethical Review Committees in Asia and the Western Pacific region) last November 26, 2014.

From the first batch of graduates, FEU-NRMF has consistently maintained a percentage passing rate well above the national passing level and has placed in the top ten positions of the government licensure examinations in all courses. In addition, graduates of the Foundation have worked their way to important staff, research and teaching positions, not only in the Institute, but in other medical establishments in the country and abroad.