Psi Chi functions as a federation of chapters located at about 1,100 senior colleges and universities in the U.S., Canada, the Caribbean, Ireland and New Zealand. The Central Office is located in Chattanooga, Tennessee. A Board of Directors, composed of psychologists who are Psi Chi members and are elected by the chapters, guides the affairs of the organization and sets policy with the approval of the chapters.

Psi Chi serves two major goals–one immediate and visibly rewarding to the individual member, the other slower and more difficult to accomplish, but offering greater rewards in the long run. The first of these is the Society's obligation to provide academic recognition to its inductees by the mere fact of membership. The second goal is the obligation of each of the Society's local chapters to nurture the spark of that accomplishment by offering a climate congenial to members' creative development. For example, the chapters make active attempts to nourish and stimulate professional growth through programs designed to augment and enhance the regular curriculum and to provide practical experience and fellowship through affiliation with the chapter. In addition, the international organization provides programs to help achieve these goals, including Society and regional conventions held annually in conjunction with the psychological associations, research award competitions, and certificate recognition programs.

The Society publishes a quarterly magazine, Eye on Psi Chi, which helps to unite the members, inform them, and recognize their contributions and accomplishments. The quarterly Psi Chi Journal of Undergraduate Research fosters and rewards the scholarly efforts of undergraduate psychology students and provides a valuable learning experience introducing them to the publishing and review process.