The school will become William Peace University and will begin admitting men in the fall of 2012.
"Becoming William Peace University reflects our growth as an institution and will deepen and broaden our ability to help our students succeed," said Beth Cherry, Vice Chair of the Board of Trustees in a statement.
Peace currently admits men to the William Peace School of Professional Studies, and its program for students pursuing degrees through evening and online courses.
Peace was founded in 1857 as Peace Institute, offering education for girls and women from kindergarten to college.
It later became a two-year college offering associate's degrees before becoming a four-year school in the early 1990s.