The Capitol Building Commission (CBC) was created in 1886 by the passage of Chapter 37 of the Session Laws of the Territory of Wyoming, 1886, by the 9th Territorial Legislative Assembly. The purpose of the act was to provide the mechanics for the construction of a territorial capitol building in Cheyenne. The assembly empowered the governor to nominate and "with the advice and consent of the legislative council," appoint five residents of Wyoming to serve on the commission. The law charged the commission to obtain "by purchase, donation or otherwise" a "suitable site" for the capitol, and authorized it to enter into contracts for construction of the building. The commission was also charged with supervising the planning and construction.

In 1888, the Territorial legislative assembly enacted a lengthy law, Chapter 30 of the Session Laws of the Territory of Wyoming, 1888, which provided for the construction of various public buildings, including the capitol building. Section three of the act changed the composition of the CBC, requiring that three of the apoointed members be residents of Laramie County. Section eleven of the act authorized the commission to furnish the building, assign rooms, enter into rental agreements with federal officials, and to use the resulting revenues to maintain the building. Chapter 30 was an object of contention between the Assembly and Territorial Governor Thomas Moonlight. Moonlight vetoed the bill over concern that portions were an attempt to restrict the right of executive appointment, and that the $125.00 for "completing and enlarging" the capitol building was excessive and an unnecessary burden for the citizens during an economically difficult time. Moonlight’s veto was overridden.

With the passage of Chapter 62 of the Session Laws of the Territory of Wyoming, 1890, the First State Legislature eliminated he governor’s power to appoint members to the CBC. Instead, the law provided that the State Auditor, State Engineer, and the State Treasurer ex-officio would serve as the CBC. In 1901, the Legislature extended the CBC’s responsibilities beyond the capitol building to the construction of a governor’s residence. In 1903, the responsibility for controlling and supervising the residence and grounds was given to the commission.

As Wyoming’s population increased during the 20th century, so did the size of the state government needed to support the citizens. In 1915, the CBC was authorized by the Legislature to oversee the expansion of the capitol building. In 1935, the Legislature authorized the commission to obtain loans and grants from the Federal government for the construction of a library and supreme court building "in order to relieve the crowded condition in the capitol building… and to furnish employment during the depression." Authorization for the construction of a state office building (now called the Barrett Building) was received in 1949. Plans for future expansion were made in 1957, with the authorization to acquire property surrounding the Capitol Building, eventually resulting the construction of the Hathaway and Herschler Buildings.

In 1973, the Legislature changed the membership of the CBC, which would thence forth be composed of the state’s five elected officers: the governor, secretary of state, state treasurer, state auditor, and superintendent of public instruction. Four years later, in 1977, the Central Services Division of the Department of Administration and Fiscal Control was required to "designate a representative to function as secretary to the CBC who will administratively implement the commission’s decisions."

In 1981, the function of the CBC and the administrator were expanded by the legislature to include leasing of office space to provide adequate facilities for state government and to approve expenditures for maintenance and repair of the leased properties.

Between 1974-1980 the CBC oversaw the first major remodeling of the Capitol Building since its construction. 35 years later, they would oversee an extensive restoration and remodeling of both the Capitol and Herschler Buildings.

In 1996 per Enrolled act No. 56 the Capitol Building Commission ‘s name changed to the State Building Commission.