Founded in 1928.

It was the first research institution in the USSR to effect fission of lithium atom nucleus in 1932. Here, liquid hydrogen and helium were obtained, the first 3D radar was constructed, and the first 3 conferences on theoretical physics in the former USSR were held. The Institute started high-vacuum engineering in the USSR; a new physico-technological study area – vacuum metallurgy – was subsequently advanced on its basis. In post-war years the Institute was one of the active participants in the studies towards using atomic energy in the USSR. Later the Institute was involved in thermonuclear fusion investigations. Its researchers constructed numerous unique experimental installations. These facilities were recognized as the National Asset objects by a Decree of Cabinet of Ministers of Ukraine.

By a Decree of the President of Ukraine, in 1993 the Institute was awarded the status of the first in Ukraine National Science Center (NSC KIPT). It incorporates five research institutes.

In 2004, NSC KIPT was affiliated with the Department of Nuclear Physics and Power Engineering of the National Academy of Sciences of Ukraine.

NSC KIPT integrates the following institutes:

- Institute for Solid-State Physics, Materials Science and Technologies;

- Institute of Plasma Physics;

- Institute for High-Energy Physics and Nuclear Physics;

- Institute for Plasma Electronics and New Methods of Acceleration;

- O. I. Akhiezer Institute for Theoretical Physics.