The office of the Chancellor was established on 1 August 2016, upon the unification of Qvait and Winston Island. At first, the country was a constitutional monarchy and the name of the country had not yet been universally agreed upon, so the long name of the office was Chancellor of the United Kingdom of Qvait and Winston Island. With the passage of the Name Act 2017, the country was renamed as the Kingdom of Valkyria and the office was renamed as such.

On Referendum Day 2018, the Valkyrian people voted in favour of Referendum 1, which changed Valkyria from a constitutional monarchy to a republic. This change was entered into effect on 1 August 2018, making the office known as Chancellor of the Valkyrian Republic, which currently remains as the official long name of the office.

The first holder of the office is Margaret Harrison, the last President of Qvait. In July 2016, the people of Qvait and Winston Island voted to name her the Chancellor over Winstonian Prime Minister Jonathan Cobb. She would continue to serve as Chancellor until her bloc was defeated by the New Conservative Coalition in 2019. Since then, Stella Kaufman has served as Chancellor.