We study the formation and evolution of bulgeless galaxies within the Milky Way-Andromeda analogue sample of the TNG50 simulation. Through kinematic decomposition with MORDOR, we identified bulgeless galaxies with a bulge-to-disc mass ratio of B/D ≤ 0.08, in line with the Bulgeless Evolution And the Rise of Discs (BEARD) survey and Milky Way constraints. We compared the identified bulgeless galaxies to those that are bulge-dominated, which have a bulge-to-disc mass ratio of B/D > 1. We find that 74% of bulgeless galaxies experience at least one major merger (stellar mass ratio 1:4) throughout their lifespan. Bulgeless galaxies form later (z50 ∼ 0.7) compared to bulge-dominated counterparts (z50 ∼ 1.2). Bulgeless galaxies have lower-mass haloes and higher specific stellar angular momentum, which is compatible with Milky Way observations. However, specific star formation rates and hydrogen gas fractions are slightly higher than Milky Way observations. Our analysis of the redshift evolution of stellar components reveals that bulgeless galaxies have gradual disc growth with high thin disc-to-total mass ratios (D/T > 0.5) since z ∼ 1 and minimal bulge growth (B/T < 0.1) since z ∼ 1.5. In contrast, bulge-dominated galaxies have earlier disc formation, which is disrupted, resulting in higher morphology evolution. Bulgeless galaxies are more likely to undergo gas-rich, coplanar, and corotating mergers, promoting disc survival, compared to bulge-dominated galaxies that encounter a broader spectrum of mergers. We also observed differences in galaxy structure between bulgeless and bulge-dominated galaxies without major mergers, suggesting the relevance of early gas accretion and alignment. Bulgeless galaxies have younger stellar populations and more extended star formation histories than bulge-dominated galaxies, which rapidly quench and have older stellar populations. These findings elucidate the distinct merger-driven and secular pathways that give rise to Milky Way galaxies.