During the crisis of 1794, when there were grave fears of a French invasion, the government pressed for the formation of volunteer corps across the country, and in April 1794, letters were circulated to the Lords Lieutenant of each county instructing them to raise regiments of yeomanry.

In Leicestershire, a meeting was held at the Three Crowns Inn in Leicester on 10 April, where the details were organised and a list of subscribers who were willing to provide funds made out.

The colonelcy was given to Sir William Skeffington, a retired Major in the Grenadier Guards, dated 9 May, and he and Captain Curzon kissed the King's hand on 11 June to report that they had raised their full complement of men.

On 1 November, he resigned the colonelcy and was succeeded by Lieutenant-Colonel George Keck of Bank Hall (Colonel of the regiment from 1803 to 11 January 1860).

[3] The regiment was mobilised to keep the peace on a number of occasions, such as its service at Derby in October 1831; workers in the city had rioted after the Reform Bill was rejected by the House of Lords, and the yeomanry was called in to help the regular army and the Derbyshire Yeomanry maintain order.

[a] The Yeomanry was not intended to serve overseas, but due to the string of defeats during Black Week in December 1899, the British government realized they were going to need more troops than just the regular army.

A Royal Warrant was issued on 24 December 1899 to allow volunteer forces to serve in the Second Boer War.

In 1908, it was transferred into the Territorial Force, returning to a cavalry role and equipping as hussars, under the new title of The Leicestershire (Prince Albert's Own) Yeomanry.

[10] With the outbreak of the First World War in 1914, the regiment mobilised in the North Midland Mounted Brigade and moved to France in November joining the 3rd Cavalry Division.

[17] The regiment suffered heavy shellfire through the morning, though with light casualties, until around 6am, the German infantry opposite launched an attack, which was quickly repulsed; shelling resumed until about 7:30, covering a German infiltration of advanced trenches which had been vacated by the 2nd Life Guards.

[24] The regiment did not mechanise before the outbreak of the Second World War, and continued to train for service as horsed cavalry.

It chose the field artillery role, and in early 1940 was split into two halves in order to form two separate regiments.

[26] The 154th was moved to North Africa in 1942, then to Persia and Iraq Command in January 1943 with the 6th Indian Infantry Division.

In 1952, the Leicestershire (PAO) Yeomanry was re-designated as an Anti-Tank Regiment, still in AFVs, and remained as such until late 1956.

[2] The Leicestershire (PAO) Yeomanry enjoyed a long and close affiliation with the 7th Queen's Own Hussars from 1915 to 1956.

[2] The Leicestershire Yeomanry was awarded the following battle honours (honours in bold are emblazoned on the regimental colours):[2] Honorary Distinction: Badge of the Royal Regiment of Artillery with year-dates "1942, '44–45" and three scrolls: "North-West Europe", "North Africa" and "Italy" Prior to 1914, officers of the regiment wore in review order a hussar style uniform comprising a busby with white over scarlet plume, a short dark blue jacket with scarlet collar and cuffs laced and braided in silver, and dark blue overalls (tight cavalry breeches) with double scarlet stripes.

Other ranks substituted a dark blue peaked cap for the busby and white braiding for the silver of the officers' uniform.

Normal service dress for all ranks was khaki from 1903 onwards, initially worn with scarlet facings.

The Loughborough War Memorial Museum contains a display of material relating to the Leicestershire Yeomanry.