Former Pakistani national team captains Wasim Akram and Rameez Raja signed up to promote the PSL and become brand ambassadors of the league for three years.

The commercial rights to the initial franchises were sold for US$93 million for a span of 10 years in December 2015.

The PCB short-listed five names for sixth team: Faisalabad, FATA, Hyderabad, Dera Murad Jamali and Multan.

[18] The final name of the sixth team for PSL 2018 season was announced on 1 June 2017; Multan Sultans; owned by Schön Properties at $5.2 million annually.

[19][20] On 10 November 2018, PCB terminated franchise agreements with Schön Properties, resulting in a new owner being introduced.

[22] In the 2022 edition, which was held entirely in Pakistan, PCB chairman Ramiz Raja reported a 71 percent increase in the PSL's profit; each franchise received Rs.

In the group stage teams are ranked on the following criteria: In any play-off match in which there is no result, a super over is used to determine the winner.

[26] According to a PCB press release, around 20 parties showed an interest in buying franchises for the league before the first season.

[27] On 18 October 2015 the Pakistan Cricket Board began accepting tenders for franchises with a deadline for bids of 15 November.

[29] All five franchises for the first season of the league were sold on 3 December 2015, for a total price of US$93 million, after seven bidders presented formal proposals.

The first season of the PSL was played entirely in the United Arab Emirates due to security reasons.

Peshawar Zalmi were the 2017 PSL champions, beating Quetta Gladiators in Lahore on 5 March 2017.

[36] Multan Sultans, who won their first title defeating Peshawar Zalmi on 24 June 2021 in Abu Dhabi.

Lahore Qalandars again defeated Multan Sultans with a minor margin of 1 run to win their consecutive 2nd title of the tournament in its 8th edition on 18 March 2023.

Islamabad United became first team to win three title on 18 March 2024 when they defeated Multan Sultans by 2 wickets.

On 19 February 2020, the previous version of trophy for the league was unveiled by squash player Jahangir Khan alongside then PCB chairman Ehsan Mani at National Stadium, Karachi.

[43][44] The PSL's initial title sponsorship was awarded to HBL Pakistan for 3 years in December 2015.

[48] The league signed a broadcast production deal with UK–based company Sunset and Vine for the first three seasons of the competition.