First played in 1905, when it was called the Open Championship of the River Plate, it has featured numerous notable winners including eleven major champions Henry Picard (1937), Paul Runyan (1938), Jimmy Demaret (1941), Lloyd Mangrum (1946), Roberto De Vicenzo (1944, 1949, 1951, 1952,1958, 1965, 1967, 1970, 1974) Tom Weiskopf (1979), Craig Stadler (1992), Mark Calcavecchia (1993, 1995), Mark O'Meara (1994), Jim Furyk (1997) and Ángel Cabrera (2001, 2002, 2012).

In the subsequent years, the Argentine financial crisis later in 2001 resulted in substantially reduced prize money.

In 2008 it was rescheduled to April, which meant that the Argentine Open appeared twice during the 2008 Challenge Tour season.

The record for most victories is held by 1967 British Open champion Roberto De Vicenzo, who won the title on nine occasions between 1944 and 1974.

The next most successful players are Vicente Fernández, with eight victories over a 32 years span between 1968 and 2000 and José Jurado, who won seven times between the 1920 and 1931.