Devolver Digital started with six people, including the three founders, as well as founding partners Nigel Lowrie and Graeme Struthers, business partners from Gamecock. The company's establishment was announced on June 25, 2009. As the company did not occupy any office, its mailing address was that of a bird feed shop owned by Stults until 2018. Their first game, announced alongside their formation, was Serious Sam HD: The First Encounter, a high-definition remake of the 2001 game Serious Sam: The First Encounter, both developed by Croteam. The original Serious Sam games were published by Gathering of Developers, and Croteam had continued working with Wilson and his partners while at Gamecock Media Group. Since Croteam's deal with Gathering of Developers allowed Croteam to retain the rights to the series, they were able to work with Devolver Digital on further titles beyond the ownership of Gathering of Developers' assets. The partnership proved fruitful, and Croteam and Devolver Digital continued to co-operate for a high-definition remake of the second Serious Sam game, Serious Sam: The Second Encounter. To avoid having to bring in investors or otherwise raise funding, Devolver Digital at first avoided signing titles other than Serious Sam. The company then opted to work with smaller independent studios, such as the two-man team Vlambeer, to produces indie games based on Serious Sam. Between 2011 and 2012, these partnership produced four spin-off games based on Serious Sam, known as the Serious Sam Indie Series.
Devolver continued to expand its publishing catalog from 2013, publishing roughly ten games per year. They have typically focused on smaller indie developers, and while they are often associated with weird and bizarre games, such as Genital Jousting, this is only by happenstance, according to Wilson. Wilson withdrew from active involvement in Devolver Digital in 2017. Throughout 2020, he sold much of his stock back to the publisher and to NetEase. Wilson went on to found another publisher, DeepWell Digital Therapeutics, alongside Nextern founder Ryan Douglas in March 2022.
Devolver launched a new publishing branch, Big Fan Games, in October 2024. Big Fan aimed to cater to indie developers that were working with licensed intellectual properties to develop their games. The branch includes members from Good Shepherd Entertainment, taking over the publishing rights of their previous games John Wick Hex and Hellboy Web of Wyrd, while several partnerships have been established with large IP holders including The Walt Disney Company, Home Box Office, Inc., and Dark Horse Comics.
A second "Devolver Direct" was held on July 12, 2020. Alongside several game announcements (Both real and fake), Mock interviews with game characters and prominent industry figures, the Direct had frequent cutaways to the ongoing storyline established in past Devolver Directs: As characters try to save Nina who has been enslaved and transformed into a "Trans-interlocal Broadcast Conduit" from which she hosts the Directs against her will. The show culminates with the announcement of Devolverland Expo Simulator, a first person "Marketing Simulator" designed to replace the then cancelled E3 expo of that year.
At the 2023 Summer Game Fest, Devolver Digital presented a showcase titled "Devolver Direct: The Return of Volvy," with creative direction by Joe Pelling, renowned for his creation of "Don't Hug Me I'm Scared." Pelling took on the roles of writer and director for this 20-minute event, which was produced by Blink Ink. The showcase distinguished itself by combining mockumentary-style footage with the narrative of a live event, ultimately culminating in an unexpected turn of events where the presentation spiraled into chaos. This creative twist highlighted the announcement of Devolver's latest game trailers, featuring the resurgence of 'Volvy,' Devolver's nostalgic nod to classic 90s game mascots, akin to Sonic and Mario, through game sequences from developers such as Nomada, No Brakes Games, Massive Monster Studios, and Dead Toast Entertainment. The presentation was recognized by Vimeo, which awarded it as one of the "Best Branded Staff Picks of 2023."
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