It was founded on May 19, 1922, to "encourage high scholastic achievement and fellowship among students in pharmacy and to promote the pharmaceutical sciences".

[2][3] Further support was provided by an American Conference of Pharmaceutical Faculties committee chaired by Zada Mary Cooper in 1920–1921.

"[2] Provisions are made for graduate students and faculty to join, with the intent that chapters encourage all levels of membership.

In 1992, the first-year graduate scholarship was awarded in conjunction with the American Foundation for Pharmaceutical Education (AFPE) Board of Grants.

Only members of the Rho Chi Society who enter graduate programs in accredited schools/colleges of pharmacy leading to the Ph.D. degree are eligible to win.

[3] The badge of the Rho Chi Society is an old-fashioned key, incorporating the Greek Letters ΡΧ in a specific configuration, raised on an oblong eight-sided base.

The eight sides of the Key, although they have had different meanings in the past, now represent chemistry, biology, physiology, pharmaceutics, pharmacology, and the biomedical, social/administrative, and clinical sciences.

[3] The motto of Rho Chi is "To advance practice and pharmaceutical sciences through the encouragement and recognition of sound scholarship.