Although the history of the influenza virus existence goes back thousands of years, the first human influenza A virus was discovered only in 1933, when proper models and substrates for virus isolation became available; then the influenza B virus was isolated and, some later, the influenza C virus. Influenza A viruses evolve most rapidly. Influenza B viruses mutate 2–3 times slower, with influenza C viruses being most conservative. From the moment of isolation until the end of the 1970s, the antigenic evolution of influenza B viruses proceeded smoothly; the isolates were genetically quite homogeneous. In the 1970s–1980s, influenza B viruses diverged into two genetic lineages, “B/Victoria/2/87-like virus lineage” and the “B/Yamagata/16/88-like virus lineage.” For some time, B/Yamagata lineage viruses were widespread throughout the world, while the circulation area of B/Victoria viruses was limited to East Asia. Then the Victorian lineage began its triumphal march across the globe. From this moment on, both lineages of influenza B virus circulated together, with dominance of one or the other lineage in different geographic regions and different epidemiological seasons. Later, the B/Yamagata lineage dominated in many countries, but by the onset of the COVID–19 pandemic, Victorian viruses were already dominant. At the same time, the last representatives of the B/Yamagata lineage were identified. Today, the B/Yamagata lineage has disappeared from circulation and the WHO has concluded that its inclusion in influenza vaccine strains is no longer necessary. Antigenic variability undoubtedly plays a decisive role in the virus evolution. It is accompanied by changes in biological characteristics that, to one degree or another, determine the virus’s ability to self-preserve. No matter how antigenically new a next influenza virus variant is, it will bear a certain set of biological properties, the combination of which will allow the pathogen to best survive in sensitive host. In this review, we have summarized information on the most striking biological properties of influenza B viruses, such as sensitivity to nonspecific blood serum inhibitors, hemagglutinin receptor specificity, its thermostability, sensitivity to low pH values, and temperature sensitivity of reproduction.