It is named for William T. Young, a prominent local businessman, horse breeder, philanthropist and alumnus of the university, who began fundraising efforts with a donation of $5 million.

In 1990, then-President Charles Wethington pledged to the faculty and students that building a new library would be "top priority;"[2] however, he was met with much resistance from state leaders.

[2] In order to start the project, Wethington established an unusual funding method: the city of Lexington would sell $41 million in bonds, and the proceeds would go to the University of Kentucky Alumni Association and Athletic Association, a semi-independent organization that would become the owner and builder of the library.

[2] The site's location was a "high spot between two sinkholes," which required the burying of 202 steel-reinforced concrete caissons into the soil to prevent the structure from sinking or tilting.

[4] The university hired William B. Meyer, part of United Van Lines, to move 1.2 million volumes from four locations.

King Library, and 40 laptop computers, half of which were wireless utilizing cellular phone access cards.

When it was constructed, it was the only library in the country to house all of its volumes on mobile compact shelves[7] which are controlled by the push of a button.

The rotunda is surrounded by skylights that give natural light into the central atrium, and features a chandelier that weighs 3,700 lb (1,700 kg).