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Subway restaurant in Stanhope, New Jersey (2018) At the end of 2010, Subway became the largest fast food chain worldwide, with 33,749 restaurants – 1,012 more than McDonald's. 3 on the 'Top Global Franchises' list, and #1 as the 'Fastest Growing Franchise'.

Since 2007, Subway has consistently ranked in the Entrepreneur Franchise 500. In 2004 Subway began opening stores in Walmart supercenters, and surpassed the number of McDonald's locations inside U.S. The first Subway in the United Kingdom was opened in Brighton in 1996. The first Subway outside of North America opened in Bahrain in December 1984. The first Subway on the West Coast was opened in Fresno, California, in 1978. Subway restaurant in Pittsfield Township, Michigan (2011) In 1974, a franchise operation began with a restaurant in Wallingford, Connecticut. In 1968, the sandwich shop was renamed 'Subway'. The holding company derives its name from DeLuca's goal to earn enough from the business to pay tuition for medical school, as well as Buck's having a doctorate in physics. to oversee operations of the restaurants as the franchise expanded.

In 1965, Fred DeLuca borrowed $1,000 from friend Peter Buck to start 'Pete's Drive-In: Super Submarines' at 3851 Main Street in Bridgeport, Connecticut, and in the following year, they formed Doctor's Associates Inc. Logo used from 2015–2016 (mostly only used in advertisements) In 2023, Subway was purchased by Roark Capital. Its international headquarters is in Milford, Connecticut. It also is the largest single-brand restaurant chain, and the largest restaurant operator in the world.

More than half its locations (21,796 or 58.1%) are in the United States. It was the fastest-growing franchise in the world in 2015 and, as of June 2021, had 37,540 locations in more than 100 countries and territories. The longtime Subway slogan, 'Eat Fresh', is intended to indicate the fresh ingredients that are used in their sandwiches. Subway offers an array of topping choices for the customer to include in their sandwich. Since then it has expanded to become a global franchise. After several name changes in the beginning years, it was finally renamed Subway in 1972, and a franchise operation began in 1974 with a second restaurant in Wallingford, Connecticut. Subway was founded by Fred DeLuca and financed by Peter Buck in 1965 as Pete's Super Submarines in Bridgeport, Connecticut. Subway IP LLC, doing business as Subway, is an American multinational fast food restaurant franchise that specializes in submarine sandwiches (subs), wraps, salads and drinks.

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