It was founded after the overthrow of Amyrtaeus, the only Pharaoh of the 28th Dynasty, by Nefaarud I in 398 BC, and disestablished upon the overthrow of Nefaarud II in 380 BC.

Nefaarud I founded the 29th Dynasty (according to an account preserved in a papyrus in the Brooklyn Museum) by defeating Amyrtaeus in open battle, and later putting him to death at Memphis.

On Nefaarud's death, two rival factions fought for the throne: one behind his son Muthis, and the other supporting a usurper Psammuthes; although Psammuthes was successful, he only managed to reign for a year.

Psammuthes was overthrown by Hakor, who claimed to be the grandson of Nefaarud I.

He successfully resisted Persian attempts to reconquer Egypt, drawing support from Athens (until the Peace of Antalcidas in 387 BC), and from the rebel king of Cyprus, Evagoras.