The not-for-profit organization is based in the UK city of Nottingham, and has been established "to celebrate, preserve and interpret video games for everyone."
Founding patrons include Sumo Digital, Epic Games, Playground Games, Kevin Patterson, Boneloaf, William Pugh, Chucklefish and Vlambeer.
The Foundation will take over the running of Nottingham's National Videogame Arcade -- where it will also be based -- and will continue to operate the annual GameCity festival.
It will also stage a series of 'subject summits' in collaboration with the Times Educational Supplement, bringing together educators and experts to look at how games can be used to enhance learning.
Working with Arts Council England, the Foundation will look to deliver more 'Continue' conferences, which attempt to unite national arts and culture organizations with game makers.
"We've got some of the most experienced names in the industry working with us right alongside some of the most exciting new ones," said Foundation director, Iain Simons.
"We're going to ensure that the work we produce is truly reflective of the growing diversity of video games, in terms of players, makers and content."