Until the name change to Blue Key Honor Society on February 7, 2003, Blue Key was known as Blue Key International Honor Fraternity and Blue Key National Honor Fraternity before that. The founder, Major Bert C. Riley, noted that Blue Key evolved from a faith in the sincerity and ability of college students. In the fall of 1924 at the University of Florida, he built the foundation for an honor fraternity dedicated to service. He believed that worthwhile progress should be accomplished through the orderly process of evolution and not revolution. He believed that students are willing to accept responsibility, cooperate with faculty and fellow students to create lofty ideas and attitudes, and improve student life and welfare that benefits the institution, the community, and the nation. Members support and defend the Constitution of the United States of America and abide by the principles of good citizenship. Support for the constitution is further enhanced by support for the family and religious institutions of society. Blue Key started with twenty-five outstanding student leaders, who by election or attainment, held places of prominence and confidence in the student body.

The Michigan Tech Chapter of Blue Key Honor Society is considered one of the top chapters in the United States and is recognized for its efforts in managing Michigan Technological University's annual Winter Carnival and other events such as the Clair M. Donovan Award. This chapter of Blue Key is divided into six different committees and the Executive Board. Each committee is responsible for a different aspect of Winter Carnival.