In 1897 at the University of Maine, ten senior students, two faculty members, and the school president created an honor society that was different from the few others then in existence-one that recognized and honored excellence in all academic disciplines. Under the leadership of undergraduate student Marcus L. Urann, the group formed the Lambda Sigma Eta Society, which was later renamed Phi Kappa Phi from the initial letters of the Greek words forming its adopted motto: Philosophía Krateítõ Phõtôn, "Let the love of learning rule humanity."

Phi Kappa Phi's mission is "To recognize and promote academic excellence in all fields of higher education and to engage the community of scholars in service to others."

Fontbonne University Chapter Bylaws, adopted July 19, 2006