Starting from the earlier notions of stationary action principles, we show how Schwinger's Quantum Action Principle descended from Dirac's formulation, which independently led Feynman to his path-integral formulation of quantum mechanics. The connection between the two is brought out, and applications are discussed. The Keldysh-Schwinger time-cycle method of extracting matrix elements is described. Part II will discuss the variational formulation of quantum electrodynamics and the development of source theory.