The Princely State of Akkalkot was a non-salute state under the indirect rule of the British administration. The territory was bounded by the Bombay Presidency and the princely state of Hyderabad. Akkalkot came under the Deccan States Agency. The princely state covered an area of 498 square miles with a total population of 82,047 in the year 1901. The ruling dynasty of the state descended from Ranoji Lokhande, who was adopted during the year 1708 by the grandson of Shivaji, Chhattrapati Shahu. Ranoji took the name Fatehsinh Bhonsle after he was adopted and was given the Akkalkot town and neighbouring areas in appendage. These remained a property within the state of Satara until the year 1848, when the monarchs of Satara were deposed by the British Government.

Akkalkot, which became a vassal of Satara, was to be identified as a separate princely state by the British administration. After the country achieved independence from the British rule on 15th August 1947, the princely state of Akkalkot acceded into the Dominion of India. Later it was merged with the Bombay Province. The princely state of Akkalkot has a distinctive and stable political history, which is does not contain any major or significant incident. As the state was associated with the dynasty of Shivaji, the ruling family of the state was related by marriage to almost all the significant Maratha families ruling in India. Some of the most prominent rulers of the state include Fatehsinh I Raje Bhonsle, Shahaji II Raje Bhonsle, Maloji II Raje Bhonsle and others.

The chronology of the rulers of the Princely State of Akkalkot are discussed as follow-
* Ranoji Lokhande, also known as Fatehsinh I Raje Bhonsle (1707-1760)
* Shahaji I Bala Sahib Raje Bhonsle (1760-1789)
* Fatehsinh II Appa Sahib Raje Bhonsle (1789- 1822)
* Maloji I Baba Sahib Raje Bhonsle (1822- 1823)
* Shahaji II Appa Sahib Raje Bhonsle (1823- 1857)
* Maloji II Buwa Sahib Raje Bhonsle (1857- 1870)
* Shahaji III Baba Sahib Raje Bhonsle (1870- 1896)
* Captain Fatehsinhrao III Raje Bhonsle (1896- 1923)
* Vijayasinhrao Fatehsinhrao Raje Bhonsle (1923- 1952)
* Jayasinhrao Vijayasinhrao Raje Bhonsle (1952- 1965)