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It was created through a corporate restructuring of Google on October 2, 2015 and became the parent company of Google and several former Google subsidiaries. The two founders of Google assumed executive roles in the new company, with Larry Page serving as CEO and Sergey Brin as president.[6] Alphabet is the world's fifth-largest technology company by revenue and one of the world's most valuable companies.

The establishment of Alphabet was prompted by a desire to make the core Google internet services business "cleaner and more accountable" while allowing greater autonomy to group companies that operate in businesses other than Internet services. Page and Brin announced their resignation from their executive posts in December 2019, with the CEO role to be filled with Sundar Pichai, also the CEO of Google.
Alphabet's largest subsidiary is Google. Its other subsidiaries include Calico, DeepMind, GV, CapitalG, X, Google Fiber, Jigsaw, Makani, Sidewalk Labs, Verily, Waymo, Wing and Loon. As of September 1, 2017, their equity is held by a subsidiary known as XXVI Holdings, Inc. (referring to the Roman numeral of 26, the number of letters in the alphabet), so that they can be valued and legally separated from Google. At the same time, it was announced that Google will be reorganized as a limited liability company, Google LLC.

Eric Schmidt said at an Internet Association event in 2015 that there may eventually be more than 26 Alphabet subsidiaries. He also said that he was currently meeting with the CEOs of the current and proposed Alphabet subsidiaries. He said, "You'll see a lot coming."

While many companies or divisions formerly a part of Google became subsidiaries of Alphabet, Google remains the umbrella company for Alphabet's Internet-related businesses. These include widely used products and services long associated with Google, such as the Android mobile operating system, YouTube, and Google Search, which remain direct components of Google.

Former subsidiaries include Nest Labs, which was merged into Google in February 2018[27] and Chronicle which was merged with Google Cloud in June 2019.