Karachi Institute of Economics & Technology (KIET) was established in 1997 with the aim of providing quality education economically. Its academic programs are designed to prepare the students to meet the challenges of the business world.

KIET received recognition by the Higher Education Commission (formerly named as UGC) vide letter no. 15-22/UGC-SEC/97/1291 dated August 1, 1998. KIET is also accredited by Pakistan Engineering Council (PEC).

KIET was awarded a degree granting status through a charter from the Government of Sindh on May 24, 2000.

In June 2000, the Institute moved to PAF, Korangi Creek after Pakistan Air Force (PAF) and Pakistan Educational Foundation (PEF) agreed to collaborate for a high-quality education institution at PAF, Korangi Creek Base.