IET Foundation was established In 1993 In the state  of  Colorado，USA，Its  endowment comes from International Engineering Technology，Inc．（IET,Inc．）

IET Educational Foundation was established in 1994 In Beijing. It is an  affiliate of IET Foundation，and is responsible for managing the applications of awards scholarships to graduate and undergraduate students as well as awards to young professors in China.

IET Educational Foundation's initial purpose was to encourage young people in the disciplines of engineering and science, particularly in the fields of natural resources, energy, transportation, materials and the environment . As the endowment has grown , IET foundation had eliminated restrictions in the fields of interest, and had expanded its vision to eventually awarding scholarships worldwide .For the present ,the Foundation concentrates effort in the founders' homeland of China and where they currently live and work, the United States.

The year of 1994 wad the first year scholarships were awarded to young teachers, graduate, and undergraduate students from eight universities in China. Thirty-two research awards were also giver. These universities include Tsinghua University, North Jiaotong University, University of Science and Technology, Beijing, China University of  Geoscience, Central South University of Technology, University of Petroleum, China University of Mining & Technology, and its Graduate School campus in Beijing. In addition, IET Foundation also awarded gold medals to youngsters participating in the International Science Olympics, the first place winners of The Youth Invention Competition and the reward winners from the Second University Students Invention Competition.

From 1995 to 1997 three other universities became IET Educational Foundation members : Peking University, Beijing University of Aeronautics and Astronautics, and the University of International Business and Economics.

From 1998 to 1999, fourteen more universities became members, They are Renmin University of China, Beijing Normal University, Beijing  Medical University, Shang hai Jiantong University, Fudan University, University of Science and Technology in China, Nanjing University, Zhejiang University, Xi'an jiantong University , Northwest University, Northwest University of Technologh, Tianjin University, Dalian University of Technology, and Shanxi University.

In 1999, memorial scholarships were first awarded. These honor the memory of certain people who were inspirational to and cherished by foundation board members and key donors, The named scholarships are: Yun  Shu, Mr. And Mrs. Cha Ming Wang, Mr. And Mrs. Chung Hsin Wang, and Fu Hua Chen scholarships.

IET foundation also awards scholarships to the Colorado School of Mines in Golden, Colorado, USA.