On January 4, 1852, Mary Ann Dupont, Mary Elizabeth Myrick, and Martha Bibb Hardaway founded an organization called the Philomathean Society at Wesleyan Female College in Macon, Georgia. Wesleyan was the first institution to grant degrees to women.

On March 4, 1852, the members of announced the formation of their new society, which became the Alpha Chapter of Phi Mu Fraternity. Since then, March 4 has been observed as Founder's Day.

On August 1, 1904, the Philomathean Society was chartered by the State of Georgia as a national organization with the exclusive use of the Greek letters Phi Mu, and the right to establish additional chapters at other campuses.

Today, Phi Mu has a nationwide membership of more than 140,000 women.