We have computed the evolution of the rest-frame B -band luminosity function ( LF ) for bulge and disk-dominated galaxies since z = 1.2 . We use a sample of 605 spectroscopic redshifts with I _ { AB } \leq 24 in the Chandra Deep Field South from the VIMOS-VLT Deep Survey , 3555 galaxies with photometric redshifts from the COMBO-17 multi-color data , coupled with multi-color HST/ACS images from the Great Observatories Origin Deep Survey . We split the sample in bulge- and disk-dominated populations on the basis of asymmetry and concentration parameters measured in the rest-frame B -band . We find that at z = 0.4 - 0.8 , the LF slope is significantly steeper for the disk-dominated population ( \alpha = -1.19 \pm 0.07 ) compared to the bulge-dominated population ( \alpha = -0.53 \pm 0.13 ) . The LF of the bulge-dominated population is composed of two distinct populations separated in rest-frame color : 68 % of red ( B - I ) _ { AB } > 0.9 and bright galaxies showing a strongly decreasing LF slope \alpha = +0.55 \pm 0.21 , and 32 % of blue ( B - I ) _ { AB } < 0.9 and more compact galaxies which populate the LF faint-end . We observe that red bulge-dominated galaxies are already well in place at z \simeq 1 , but the volume density of this population is increasing by a factor 2.7 between z \sim 1 and z \sim 0.6 . It may be related to the building-up of massive elliptical galaxies in the hierarchical scenario . In addition , we observe that the blue bulge-dominated population is dimming by 0.7 magnitude between z \sim 1 and z \sim 0.6 . Galaxies in this faint and more compact population could possibly be the progenitors of the local dwarf spheroidal galaxies .