The fraternity, originally known as Kappa Alpha Nu, was founded on January 5, 1911 at Indiana University Bloomington.

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Kappa Alpha Nu became the first incorporated Black fraternity in the United States and was granted a charter on May 15, 1911.

At the time of its establishment, the number of Black students attending the university was less than 1%, and university policies prohibited Black students from being able to live on the university's campus, participate in contact sports, use many university facilities, and the ability to assemble in many areas of the campus. As a result, Black students rarely saw each other on campus or participated in extracurricular activities. Drawn together by common interests and a desire to participate in the university's social life, Elder Watson Diggs, Byron Kenneth Armstrong, and eight other men founded Kappa Alpha Nu. These men were John M. Lee, Henry T. Asher, Marcus P. Blakemore, Guy L. Grant, Paul W. Caine, George W. Edmonds, Ezra D. Alexander, and Edward G. Irvin. The name of the fraternity was officially changed to Kappa Alpha Psi at a Grand Chapter Meeting in 1914 and became effective April 15, 1915.

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Today, Kappa Alpha Psi Fraternity Inc., represented by the Greek letters ΚΑΨ, the colors crimson and cream, and the motto Achievement in Every Field of Human Endeavor, has over 250,000 members. Comprised of 721 undergraduate and alumni chapters that include chapters in all states of the United States and international chapters in 10 countries. The fraternity organizes many activities designed to inspire youth and promote local community involvement through their programs such as Guide Right, Kappa League, and the Kappa Alpha Psi Foundation.