The L5 Society was founded in 1975 by Carolyn Meinel and Keith Henson to promote the space colony ideas of Gerard K. O'Neill.
In 1987 the L5 Society merged with the National Space Institute to form the National Space Society.
The name comes from the L4 and L5 Lagrangian points in the Earth–Moon system proposed as locations for the huge rotating space habitats that O'Neill envisioned. L4 and L5 are points of stable gravitational equilibrium located along the path of the moon's orbit, 60 degrees ahead or behind it.
An object placed in orbit around L5 (or L4) will remain there indefinitely without having to expend fuel to keep its position, whereas an object placed at L1, L2 or L3 (all points of unstable equilibrium) may have to expend fuel if it drifts off the point.
O'Neill's first published paper on the subject, "The Colonization of Space", appeared in the magazine Physics Today in September 1974. A number of people who later became leaders of the L5 Society got their first exposure to the idea from this article. Among these were a couple from Tucson, Arizona, Carolyn Meinel and Keith Henson. The Hensons corresponded with O'Neill and were invited to present a paper on "Closed Ecosystems of High Agricultural Yield" at the 1975 Princeton Conference on Space Manufacturing Facilities, which was organized by O'Neill.