Established in May 1822 as a Scientific-Literary Society, the Academy was officially inaugurated on December 30 of the same year in the Imperial and Royal Lyceum. The following year it took the name of Accademia degli Euteleti, that is, of men of good will pursuing a worthy purpose. Its main objective was the dissemination and development not only of the literary heritage but above all of scientific knowledge and studies linked to the development of agriculture. In its first years of life it contributed to spreading Tuscan culture beyond the national boundaries; the memory of this activity is conserved today in its rich Library and its Archives. In 1834 it promoted a "Typographical Society" and the establishing of a kindergarten, as reported in the society’s "Proceedings". The Academy's activity was suspended at the onset of the Wars of Independence. It then became a non-profit organisation in 1938, dedicating part of its activity to organising exhibitions and conferences of scientific interest.

Since 1984 the Academy has occupied premises in Palazzo Migliorati, the residence of the Marchesi Migliorati, built in the 14th century and remodelled with its present-day facade in the early 17th century. A specialised Museum documents the history of the prestigious Academy. Of significant historical interest is the funeral mask of Napoleon Bonaparte, whose reproduction was entrusted to the Corsican physician Antommarchi and the British doctor Francis Burton.