The school was founded on July 3, 1987 in Konak, downtown İzmir, with 340 students and the name of “Özel Anayurt Lisesi”. On August 15, 1988, it moved to Kahramanlar and since November 22, 1988, the school has been owned by İzmir Eğitim İşletmeleri, Inc. On this date, after the management change and the new board's decision, the name of the institution was changed to its current name of “Özel Ege Lisesi”.
On March 19, 1990, there was another move to the outskirts of the city, Pınarbaşı, with a capacity for 24 boarding and a total of 280 students. However, the boarding system was discontinued the following year. On June 19, 1992, the current campus’ construction in Bornova was initiated, and as of the 1996-1997 academic year, education has been continuing here. The land and the buildings are all properties of Özel Ege Lisesi.
The class of 1992 were the school's first graduates.