Lee, who recently retired from Test cricket, has not recovered from his elbow injury and has flown back to his country to receive treatment.
"Kings XI Punjab player Brett Lee, will be missing the first ten days of IPL as he has not recovered fully from his injury. He has gone back to Australia for completing his treatment and will re-join the team and play in the IPL upon his return," a statement by the team said.
The Punjab side will open its campaign in the third edition of the tournament on Saturday in Mohali.
Lee will miss at least four matches his side is scheduled to play in the initial days of the 45-day tournament.