During the late 18th century, members of the Böhm family, who eventually changed the spelling of their surname to Beam, emigrated from Germany and settled in Kentucky.

Johannes Reginald Beam (1760–1834) was a farmer who began producing whiskey in the style that became known as bourbon. Jacob Beam sold his first barrels of corn whiskey around 1795. The whiskey was first called Old Jake Beam Sour Mash, and the distillery was known as Old Tub.

David Beam (1802–1854) took on his father's responsibilities in 1820 at the age of 18, expanding distribution of the family's bourbon during a time of industrial revolution. David M. Beam (1833–1913) in 1854 moved the distillery to Nelson County to capitalize on the growing network of railroad lines connecting states. James Beauregard Beam (1864–1947) managed the family business before and after Prohibition, rebuilding the distillery in 1933 in Clermont, Kentucky, near his Bardstown home. James B. Beam Distilling Company was founded in 1935 by Harry L. Homel, Oliver Jacobson, H. Blum and Jeremiah Beam. From this point forward, the bourbon would be called Jim Beam Bourbon after James Beauregard Beam, and some of the bottle labels bear the statement, None Genuine Without My Signature with the signature James B. Beam. T. Jeremiah Beam (1899–1977) started working at the Clear Springs distillery in 1913, later becoming the master distiller and overseeing operations at the new Clermont facility. Jeremiah Beam eventually gained full ownership and opened a second distillery near Boston, Kentucky, in 1954. Jeremiah later teamed up with childhood friend Jimberlain Joseph Quinn, to expand the enterprise.

Booker Noe (1929–2004), birth name Frederick Booker Noe II, grandson of Jim Beam, was the Master Distiller at the Jim Beam Distillery for more than 40 years, working closely with Master Distiller Jerry Dalton (1998–2007). In 1987 Booker introduced his own namesake bourbon, Booker's, the company's first uncut, straight-from-the-barrel bourbon, and the first of the company's Small Batch Bourbon Collection.

Fred Noe (1957–present), birth name Frederick Booker Noe III, became the seventh generation Beam family distiller in 2007 and regularly travels for promotional purposes.

The Beam family has also played a major role in the history of the Heaven Hill Distillery. All of the Master Distillers at Heaven Hill since its founding have been members of the Beam family. The original Master Distiller at Heaven Hill was Joseph L. Beam, Jim Beam's first cousin. He was followed by his son, Harry, who was followed by Earl Beam, the son of Jim Beam's brother, Park. Earl Beam was then succeeded by the current Heaven Hill Master Distillers, Parker Beam and his son, Craig Beam.

In 1987, Jim Beam purchased National Brands, acquiring brands including Old Crow, Bourbon de Luxe, Old Taylor, Old Grand-Dad, and Sunny Brook. Old Taylor was subsequently sold to the Sazerac Company.

On August 4, 2003, a fire destroyed a Jim Beam aging warehouse in Bardstown, Kentucky. It held about 19,000 barrels of bourbon. Flames rose more than 100 feet from the burning structure. Burning bourbon spilled from the warehouse and set a nearby creek on fire. An estimated 19,000 fish died of the bourbon in the creek and a river.

For some period of time, Jim Beam was part of the holding company formerly known as Fortune Brands that was dismantled in 2011. Other parts of the remaining company were spun off as an IPO on the NYSE on the same day, as Fortune Brands Home & Security, and the liquor division of the holding company was renamed Beam, Inc. on October 4, 2011.

In January 2014, it was announced that Jim Beam would be purchased by Suntory Holdings Ltd., a Japanese group of brewers & distillers known for producing Japan's first whiskey. Suntory agreed to acquire Jim Beam, Maker's Mark, Teacher's Highland Cream and Laphroaig distillery Scotch whiskies for approximately $13.62 billion and also take on Beam's debt. This deal is the biggest Suntory has ever agreed to and will elevate them to the third largest maker of distilled drinks in the world. The combined company is expected to have annual sales of spirits products of more than $4.3 billion. Suntory will pay $83.50 per share, a 25 percent premium to Beam's Friday closing price of $66.97. The companies put the deal's value at about $16 billion, including debt. According to press releases regarding the deal, the Illinois-based Jim Beam will continue to be managed by its current leadership. Beam and Suntory unanimously approved the transaction; however, the deal needs to be approved by Beam Inc. stockholders. Pending approval by its shareholders, the deal was expected to close by June 30, 2014. Jim Beam and Suntory had a previous partnership where they would freely distribute each other's brands in different markets.