IQiyi is an online video website founded by Gong Yu on April 22, 2010. On November 26, 2011, the "iQiyi" brand was launched and a new logo was introduced. At the beginning of its establishment, iQiyi adhered to the company philosophy of "enjoying quality" and took "user experience" as its mission. Through continuous technological investment and product innovation, it provides users with a clear, smooth, and user-friendly viewing experience.

On May 7, 2013, Baidu acquired PPS video business and merged with iQiyi, now a platform under Baidu. On March 29, 2018, iQiyi was listed on NASDAQ in the United States under the stock code IQ. In Times Square, New York, iQiyi celebrated its listing with a large advertisement.

On August 6, 2018, iQiyi and Xinying Sports established a joint venture to operate iQiyi Sports; On August 8th, iQiyi won the Golden Horse Award for Best Innovative Operation of the Year. On September 3rd, iQiyi released a statement stating that it will be shutting down the display of front-end view data for the entire site from today onwards. [8] On November 29th, iQiyi announced its plan to issue convertible senior bonds with a total principal of $500 million.

On June 11, 2019, iQiyi was selected as one of the "2019 Forbes China's Most Innovative Companies". In December 2019, iQiyi was selected as one of the 100 exemplary brands at the 2019 China Brand Power Awards.

In July 2023, iQiyi ranked 437th on the 2023 Fortune China 500 list.