Lambda Iota Tau was founded by Dr. Warren L. Fleischauer at Michigan State University on December 3, 1953.

[11] Lamba Iota Tau's motto was Λόγος ἰδέαν τέλει or Logos idean telei or "The word gives form to the idea."

[3] It published LIT Journal annually, with members' analysis, essays, poems, and short stories; the best piece in each category received a publication prize.

Chapters were encouraged to hold regular meetings and to sponsor events and activities that would bring the study of literature to the attention of the campus at large.

[13] These include book sales, bringing speakers to campus, showing films based on literature, and library exhibits.

[14] Membership into Lambda Iota Tau was open to juniors, seniors, and graduate students majoring or minoring in literature.

Before joining, initiates were required to write and present a paper on literature or a creative work such as a short story, essay, poem, or drama.

[3] The International Board of Moderators awarded honorary memberships for contributions to literature, language, or linguistics, or proficiency in teaching, scholarship, criticism, or creative writing.

Honorary presidents included W. H. Auden, Saul Bellow, Archibald MacLeish, Joyce Carol Oates, and Robert Penn Warren.