The Stewards' Cup dates back to 1954, when it was first run over 1200m at Happy Valley. The race's distance changed a number of times before it was relocated to Sha Tin in 1979, where it was run over 1400m. In 1991, the race became the mile contest which it is known as today, receiving HKG1 status and becoming the first leg of the newly-created Hong Kong Triple Crown.

Since the turn-of-the-century the Stewards' Cup has emerged as a world-class contest. Its roll-call of winners features superstars such as Golden Sixty, Waikuku, Able Friend, Good Ba Ba, Ambitious Dragon, Bullish Luck, Fairy King Prawn, Electronic Unicorn and Beauty Generation. It was upgraded to international Group 1 status in 2015. The race’s prize money has increased to HK$12 million for 2021.