Design of the Premier I began early in 1994 under the designation PD-374 (PD for Preliminary Design), and development was authorized to continue early the following year. The aircraft was officially launched at the annual National Business Aviation Association Convention in September 1995 and construction of the first prototype commenced late in 1996. The Premier I prototype was "rolled out" on 19 August 1998 and its first flight was on 22 December 1998; four prototypes were used in the flight test program and its FAA Type Certificate was issued on 23 March 2001. On 22 September 2005, the upgraded Premier IA was certified.

On 19 May 2008 Hawker Beechcraft announced the launch of the Premier II. Developed from the Premier IA, the new aircraft will feature higher cruise speeds, a 20% longer range with four passenger, and increased payload. The aircraft will continue to feature composite materials for the fuselage, more powerful engines and new winglets to achieve performance improvements over the previous model. First flight is scheduled for April 2009, with FAA certification planned for the first half of 2010.