Eta Sigma Phi grew out of a local undergraduate classical club founded by a group of students in the Department of Greek at the University of Chicago in 1914.

The Constitution of Eta Sigma Phi states that the purposes of the society are as follows: The organization's Greek motto, φιλοσοφοῦμεν καὶ φιλοκαλοῦμεν (English transliteration: "philosophoûmen kaì philokaloûmen"), translates into "We love wisdom and beauty."

Faculty who did not join Eta Sigma Phi as undergraduates may be elected as honorary members of the local chapter at their institution.

The finances of the society are managed by a board of trustees, composed of seven faculty members from active chapters who are elected for a period of three years.

The executive secretary is a faculty member of an active chapter who is responsible for carrying out the policies of the society and is required to perform the duties usually assigned to this position.

Although Eta Sigma Phi is "honorary" in nature, chapters usually must utilize programs or activities to carry out the purposes of the society.