Phi Epsilon Kappa Fraternity was founded on April 12, 1913, at the Normal College of the American Gymnastics Union in Indianapolis, Indiana.  Fourteen students at the college became charter members of the Fraternity; and, the following month, the first pledge class was initiated.

In 1917, the Fraternity applied for and received a charter as a nonprofit organization under laws of the state of Indiana.  In 1920, the Fraternity went national as the Beta chapter was installed at the American College of Physical Education in Chicago.  The Fraternity has since installed over one-hundred collegiate chapters and twenty-three alumni chapters.

Membership into Phi Epsilon Kappa Fraternity was limited to males until March of 1975, when the National Council voted unanimously to extend membership to women.