It was the first to be held on a separate day from other league activities on May 15, 1973, at the Mount Royal Hotel in Montreal, Quebec, so it would not overshadow the rest of the league meetings.

Previously, the league had held the amateur draft in mid-June.

Eligible for the draft were all amateur players born before January 1, 1954.

The NHL paid a lump sum to the Canadian Amateur Hockey Association to support major junior hockey as a group.

The last active players in the NHL from this draft class were Lanny McDonald and Bob Gainey, who both retired after the 1988–89 season.