Klondike Lane Elementary School opened in the fall of 1971. It was established as a replacement for Melbourne Heights Elementary, which closed in the spring of 1971. It sits on ten acres of ground at 3807 Klondike Lane. The first principal was Warren McCaully. He came from Melboure Heights and brought several of his faculty members with  him. Mr. McCaully served as principal from 1971 to 1981.

The other principals include: James Hicks, 1981 to 1986; Michael Murphy, 1986 to 1988; James A. Koshewa, 1988  to 2002; Christine Deely, 2002 to  2013; and the current principal, Mark Boyer.

In 1975, the student body at Klondike Lane underwent some changes as a result of the court-ordered desegregation plan in Jefferson County. First, Klondike Lane was involved in an exchange of students with Parkland Elementary, which is now Maupin. In the fall of 1985, the student assignment plan for Jefferson County Public Schools was modified, with Klondike Lane being exempted from busing for desegregation. This was accomplished by  assigning a satellite attendance zone from the Newburg area to Klondike Lane's existing district.

In 1993, Klondike Lane was assigned to the Price Cluster for Project Renaissance, giving students a choice of seven schools in the cluster.

As a result of the 2007 Meredith v. Jefferson County Board of Education Supreme Court Decision, Klondike Lane was assigned to Cluster 5, along with Bloom, Byck, Cochrane, Engelhard, Hawthorne, Hite, Lowe, Middletown, Shelby, St. Mathews, Stopher, Tully, and Wheatley Elementary Schools.

Klondike Lane Elementary is fortunate to be connected to Klondike Park, part of the Public Parks system. This park of approximately 25 acres has tennis courts, playground equipment, a walking track, and open areas.