Ulta Beauty, initially called Ulta3, was launched in 1990 with five stores in Chicago suburbs.

In 1995, Richard George left Ulta3 and Terry J Hanson became the company's Chief Executive Officer.

In December 1999, Lyn Kirby assumed the roles of President and Chief Executive Officer at Ulta.

On October 25, 2007, Ulta Beauty became publicly traded on the NASDAQ.

In 2008, Ulta Beauty opened a second distribution center in Phoenix, Arizona.

In 2010, Carl 'Chuck' Rubin was appointed as Chief Operating Officer, President, and a member of the Board of Directors at Ulta Beauty.

On June 24, 2013, Mary Dillon was announced as the new Chief Executive Officer of Ulta Beauty.

Mary Dillon was appointed as the chief executive officer of Ulta Beauty on July 1, 2013, bringing her extensive experience from U.S. Cellular, McDonald's, and PepsiCo to the company.

Ulta Beauty reported sales of $713.8 million for the first quarter ending in May 2014, showcasing a strong performance in the beauty retail market.

At the end of the second quarter ending in August 2014, Ulta Beauty announced a 22.2 percent increase in total sales and a 9.6 percent rise in comparable store sales, indicating significant growth and consumer interest.

Since 2015, Ulta Beauty has created over 22,000 new jobs across the country.

Ulta Beauty has been focusing on moving into more high-end products, carrying digital native and DTC products, and bolstering its loyalty program to compete with Sephora.

Ulta Beauty had 44,000 employees before the COVID-19 pandemic in 2020.

In August 2021, the retail chain Target began offering Ulta's products for sale.

On July 8, 2022, Ulta revealed its partnership with Allure to introduce a collection of 25,000 products in Allure's online and offline stores, featuring brands like Fenty Beauty, Drybar, and more.

As of January 28, 2023, Ulta Beauty had 1,355 stores across all 50 states, with 250 of those stores located inside Target stores and 168 retail locations in California.

As of February 3, 2024, Ulta Beauty operated 1,385 stores across all 50 states in the United States, providing beauty enthusiasts with the opportunity to explore their products in person.