It was founded as the Institute for Molecular Engineering in 2011 by the university in partnership with Argonne National Laboratory.

The school plans to expand its research areas to address more issues of global importance.

It was the largest academic program founded by the University of Chicago since 1988, when the Harris School of Public Policy Studies was established.

[14] The William Eckhardt Research Center (WERC), which houses the school and part of the Physical Sciences Division, was constructed between 2011 and 2015.

[citation needed] The WERC was named for alumnus William Eckhardt, in recognition of his donation to support scientific research at the university.

[15][16][17] On May 28, 2019, the University of Chicago announced a $100 million commitment from the Pritzker Foundation to support the institute's transition to a school—the first school of molecular engineering in the U.S.

[24] The graduate program curriculum includes various science and engineering disciplines, product design, entrepreneurship, and communication.

[28] David Awschalom, a professor at PME, said the school has contributed to Chicago becoming a hub for quantum education and research.

[33][34] The school's partnership with Argonne National Laboratory provides additional opportunities for research and innovation.