Founded in 1906, Phi Eta Kappa has remained unaffiliated with any national organizations, choosing instead to preserve their local tradition.

[2] The fraternity house was closed temporarily in 1988 due to its deteriorating physical condition and concerns about poor behavior by its members.

[1] The fraternity reported on its website that it would again cease operations in August 2014; a group of alumni began organizing a revival just prior to the COVID pandemic of 2020.

Phi Eta Kappa alumni in professional sports include Mike Buck, who played four seasons as a quarterback in the NFL and holds most passing records at Maine; and Greg Panora, professional powerlifter, who holds the world record for combined bench, squat and deadlift at 2,481 lb (1,125 kg) for the 242 lb (110 kg) weight class.

Notable alumni include former Maine governor John H. Reed,[5] the late University of Maine president Winthrop Libby, successful businessmen and philanthropists Larry and Keith Mahaney, businessman Eldon Morrison, Maine Superior Court Justice E. Allen Hunter, Air Force test pilot Robert A. Rushworth, UMaine head football coach Jack Cosgrove, Clemson University head baseball coach Jack Leggett,[6] and Dartmouth College head baseball coach Bob Whalen.