The Physiological Society was founded in 1876 as a dining society "for mutual benefit and protection" by a group of 19 physiologists, led by John Burdon Sanderson and Michael Foster, as a result of the 1875 Royal Commission on Vivisection and the subsequent 1876 Cruelty to Animals Act.

[1] Other founding members included: William Sharpey, Thomas Huxley, George Henry Lewes, Francis Galton, John Marshall, George Murray Humphry, Frederick William Pavy, Lauder Brunton, David Ferrier, Philip Pye-Smith, Walter H. Gaskell, John Gray McKendrick, Emanuel Edward Klein, Edward Schafer, Francis Darwin, George Romanes, and Gerald Yeo.

Charles Darwin and William Sharpey were elected as the society's first two Honorary Members.

The first rules of the society offered membership to no more than 40, all of whom should be male "working" physiologists.

[4] The Society is the oldest and largest network of physiologists in Europe, consisting of members from over 60 countries.

The Society’s membership has included at least 61 Nobel laureates, in Physiology or Medicine (n=55), Chemistry (n=5) or Peace (n=1).

Past holders include:[7] The Society awards a number of prizes for meritorious achievement.

[10] Named after Alan Hodgkin, Andrew Huxley and Bernard Katz, and normally awarded to a physiologist from outside the UK or Ireland.

[10] Intended to raise awareness and understanding of physiology among the general public and schools.