The dynasty was founded by Mohamed ibn Toghj Al-Ikhshid, who was appointed governor by the Abbasids in Iraq.
Al-Ikhshid's first concern was to protect Egypt against the attacks of the Fatimids, the emerging Moslem power in Tunisia. He managed to achieve not only this goal but also annexed territories in Syria and the Arabian Peninsula.

After the death of Al-Ikhshid in 945, his sons succeeded him consecutively. They had no actual power as practically the empire was controlled by Kafur, a black slave who was a tutor of Al-Ikhshid's sons.
Kafur had to face natural disasters including a major earthquake then a famine.
Despite that, he was a strong ruler who succeeded to hold together the state. However, his death in 968 triggered the collapse of the state.

Al-Ikhshid's grandson, Abul Fawares, was chosen to govern the state, but because of his weakness, the country's power faded away.
This gave the Fatimids an opportunity to invade Egypt in 969 AD.