Order of Omega was founded at the University of Miami in 1959 by a group of outstanding fraternity men, who felt that individuals in the Greek community should be recognized for their service to the fraternity system and the University. The idea of an honorary for fraternity men at the University of Miami is attributed to Parker F. Enright, the advisor to fraternities at the time. Enright was later to accept a position at the University of Pittsburgh. He was also responsible for the founding of the Omega Chapter at the University of Pittsburgh in the spring of 1964.

The original constitution was approved by the Organizations Committee at the University of Miami on April 14, 1959, the recognized founding date. The first member class was initiated the following fall.

The Chapter of Miami had long desired for their organization to expand to other colleges and universities. The Chapter gave its sanction to Dean Patrick W. Halloran to make initial inquiries and to further grant charters to universities that were accredited and interested in the purpose of The Order of Omega. On February 9, 1967, a Chapter was chartered at the University of Southern Mississippi. The Order of Omega voted to become a co-ed organization in the spring of 1977. There are now over five hundred chapters in the United States and Canada with approximately ten new chapters being chartered each year.
Considering the age of the American college fraternity, the "active honorary" concept was long overdue. There must continue to be a common means by which the most outstanding fraternity men and women can stand united to further the philosophy of the college fraternity.