Since its earliest days, the Academy of American Poets has been guided by an honorary Board of Chancellors composed of established and award-winning poets who serve as advisors to the organization and judge its largest prizes for poets. Past Chancellors include W. H. Auden, Elizabeth Bishop, Lucille Clifton, Robert Creeley, Marianne Moore, and Mark Strand. Women as well as men were founding poets of the Academy; for example, Florence Hamilton.

The fifteen Chancellors of the Academy of American Poets are: Alica Ostriker, Brenda Hillman, David St. John, Dorianne Laux, Elizabeth Alexander, Ellen Bass, Forrest Gander, Joy Harjo, Kevin Young, Kwame Dawes, Linda Gregerson, Marie Howe, Marilyn Chin, Natasha Trethewey, and Terrance Hayes.