Khanye has been doing a lot of community development projects and charity work for the past few months before setting up his foundation, which he hopes will be used to change the lives of many youngsters in underprivileged communities.
The launch was also attended by Khanye's homeboy and former teammate at Amakhosi, Jabu Mahlangu.
"It's all about giving back to the community my brother and helping the needy," Khanye tells snl24.com/kickoff.
"I have no doubt that giving soccer boots to one youngster can change his life forever. In five years that youngster could go and play overseas if not for Kaizer Chiefs or Orlando Pirates."
The former Malanti Chiefs midfielder says his foundation will not only focus on football but also uplifting the community through education.
"Yes, people know me through football but the Junior Khanye Foundation will also focus on helping school kids with shoes and motivating people.
"I will also be launching the Junior Khanye Academy, which will be under my foundation," he adds.
"I was once buried alive. I am back now and healed spiritually. I want to encourage and motivate people about life's challenges."