Perkins began life in 1957 as Smithies Pancake House, founded by Matt and Ivan Perkins in 1957. It began franchising in 1958 and became Perkins Cake & Steak in 1969. The in-store bakery, a hallmark of the brand, was introduced in 1986.
The company was acquired out of bankruptcy in 2019 by Huddle House, a fellow fast-casual dining chain. Both are owned by Ascent Hospitality Management, in turn owned by Elysium Management, a family office for private equity mogul Leon Black.

Perkins and HuddleHouse share a headquarters in Atlanta.