First organized in 1925 at Cornell University, Phi Zeta is the honor society of veterinary medicine that recognizes and promotes scholarship and research in matters pertaining to the welfare and diseases of animals. Induction of DVM candidates into Phi Zeta occurs annually: Those third-year students who rank scholastically in the top 10% of their class and those fourth-year students who rank scholastically in the top 25% of their class are inducted.

From its beginning, the aim of Phi Zeta has been to stand for constant advancement of the veterinary profession, for high educational requirements, and for rigorous scholarship.