The first chapter of Omega Chi Epsilon was formed at the University of Illinois in 1931 by a group of chemical engineering students. These Founders were:
* F. C. Howard
* A. Garrell Deem
* Ethan M. Stifle
* John W. Bertetti 
Professors D.B. Keyes and Norman Krase supported the students in their efforts. The Beta chapter was formed in the Iowa State University 1932.
The society grew slowly at first. Bairds Manual' indicates there were six chapters by 1957, of which three were inactive. However, interest was revived in the 1960s, allowing a sustained growth that has continued to the present day. There are approximately eighty active chapters of the society as of 2021.
Omega Chi Epsilon amended its constitution to permit women to become members as of 1966. The organization became a member of the Association of College Honor Societies in 1967.