Since the days of the Philomathean Society, service has been important to Phi Mu and its members. The first national philanthropic effort, the Phi Mu Healthmobile, was established in 1921 to provide medical services to under-served children and adults in rural Georgia. Other philanthropic projects such as Toy Carts, Project HOPE, and Children's Miracle Network would follow in the years to come.

In 1957, the Phi Mu Foundation was established, one of the first educational and philanthropic foundations created by a National Panhellenic Conference member organization. Today, the Phi Mu Foundation supports Phi Mu Fraternity's educational, leadership, and philanthropic efforts in new and innovative ways.