The first creation came in 1694 in the Peerage of England in favour of John Sheffield, 3rd Earl of Mulgrave.

The second creation came in the Peerage of the United Kingdom on 25 June 1838, in favour of Constantine Phipps, 2nd Earl of Mulgrave.

He was a noted politician and served as Lord Lieutenant of Ireland and as Home Secretary.

His grandson, the fourth Marquess, served briefly as a Labour Lord-in-waiting (government whip in the House of Lords) in 1945 and was also Lord Lieutenant of the North Riding of Yorkshire and of North Yorkshire.

The heir apparent is the present holder's son John Samuel Constantine Phipps, Earl of Mulgrave (b.