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Chi Psi was founded on May 20, 1841 at Union College. It was the eighth fraternity in the country and the fifth to be founded at Union but was the first to emphasize the fraternal and social principles of a brotherhood, rather than the literary characteristics of existing societies. In 1846 Chi Psi constructed the first fraternity house in America. To properly oversee the chapters, in 1889 Chi Psi developed the first consultant program in which full time professionals of the Fraternity visit each chapter to ensure that the undergraduates adhere to the ideals of the fraternity. In 1926 Chi Psi undertook the first Alumni subscribed Educational Trust Fund in the fraternity world and in 1990 became the first fraternity to offer a National Leadership Training Program (NLTP) to every undergraduate Brother. Finally, in 1994, Chi Psi became the first fraternity on the World Wide Web.

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