Prince Sultan University was originally founded in 1999 as Prince Sultan Private College, but, in 2003, the Ministry of Higher Education declared it to be a university. It was inaugurated by HRH Crown Prince Sultan bin Abdul Aziz Al-Saud who is the Deputy Premier, Minister of Defense and Aviation, and Inspector-General. PSU is a non-profit institution established in Riyadh by Al-Riyadh Philanthropic Society for Science and licensed by the Ministry of Higher Education. PSU is the first private University in the Kingdom of Saudi Arabia.

His Royal Highness Crown Prince Sultan bin Abdul Aziz Al-Saud who is the Deputy Premier, Minister of Defense and Aviation and Inspector-General, inaugurated Prince Sultan Private College on 17/8/1421 H.

His Royal Highness Prince Salman bin Abdul Aziz Al-Saud, Governor of the Riyadh Region, Chairman of the Board of Directors of the Riyadh Philanthropical Society for Science.

HH. Dr. Abdul Aziz Bin Mohammed Bin Ayaf Al Mogren, Mayor of Riyadh and Chairman of Board of Directors of Prince Sultan University.