Unveiled at a 1936 dinner hosted by then-Speedway owner Eddie Rickenbacker, the trophy was officially declared the annual prize for Indianapolis 500 victors.

The Wheeler-Schebler Trophy was awarded to the leader at the 400-mile mark, but was retired when car owner Harry Hartz claimed it three times.

In 1935, the Borg-Warner Automotive Company commissioned designer Robert J. Hill and Gorham, Inc., of Providence, Rhode Island to create the trophy at a cost of $10,000.

Made of sterling silver, the trophy is just under 5 feet 4 inches (163 cm) tall and weighs nearly 153 pounds (69 kg).

Since 1990 the winning drivers' likenesses on both the Borg-Warner Trophy and the replica trophies have been sculpted by prominent American sculptor William Behrends, who also created the statue of baseball great Willie Mays that stands at the entrance to Oracle Park in San Francisco.

The winning drivers since 1988 have been presented with an 18-inch (460 mm) tall free-standing replica of the trophy, sitting on a beveled square base.

Officially titled the "Indianapolis 500 Champion Driver's Trophy,", it has been affectionately nicknamed the "Baby Borg."

The Baby Borg is typically presented the following January at a Speedway reception or sometimes at the North American International Auto Show in Detroit, near trophy sponsor BorgWarner's headquarters.

In some years, a duplicate of the sculpted likeness of the winner has been affixed to the beveled base of the driver's Baby Borg trophy.

Prior to 1988, winners received an 24-inch (610 mm) upright model of the trophy mounted on a walnut plaque.

In 2023, William Behrends was given a Baby Borg by BorgWarner in celebration of being the artist on the past 33 Indianapolis 500 winners, as traditionally the field consists of 33 cars.

In 2017, the trophy traveled to Japan accompanying Takuma Sato on a victory tour of his home country,[5] and went on display in Sweden after Marcus Ericsson's win in 2022.

In 2013, Parnelli Jones' trophy featured a cowboy hat on his head (prior to 1970, champions were wearing an open-face helmet on their sculptures; since the bas-relief bust of the driver was newly created by Behrends, it was done without helmet and with the cowboy hat he wore primarily during that season).

In 2019, because of fan requests, Simon Pagenaud's Baby Borg also featured the likeness of his Jack Russell terrier Norman.

BorgWarner added a donation to the Humane Society of Indiana as part of the event, primarily because the dog had participated in the winner's circle photos.

Upon looking in the frat house's basement, he found the trophy surrounded by men who were drinking beer out of it.

In a scene in which they filmed the trophy and feature a shot of Johnnie Parsons’ bust image, his name is clearly misspelled.

In contrast to the earlier years, the trophy is almost exclusively polished and buffed to an elegant, glossy, "mirror finish."

It also makes several appearances, including the Public Drivers' Meeting and the 500 Festival Parade, as well as prominent socials events and gatherings (such as banquets and balls downtown).

When the trophy debuted in 1936, it was complete with the likenesses of all winners from 1911 to 1935 (except 1917–1918, as the race was not held those two years due to World War I).

The likeness were placed beginning with 1911 winner Ray Harroun situated in the middle square of the first row of the front side.

It has been standard practice to sculpt a brand new likeness for repeat winners, including drivers who have won in consecutive years.

Rahal failed to qualify for the 1993 race, and some superstitious observers pointed out the incident as a bad omen.

On the base, the first square was filled with a gold likeness of the late Speedway president Tony Hulman.

The trophy spent the month of May 1986 with one empty square left on the body, and now room for 17 additional winners on the base.

The likeness of 1989 Indianapolis 500 winner Emerson Fittipaldi was created by 88-year old French sculptor Louis Feron, using the repouseé technique.

Feron used a single flat sheet of silver and painstakingly hammered it into the shape of Fittipaldi's face.

Likewise in the tight confines of victory lane, the trophy was now susceptible to someone bumping into it, risking damage, requiring special care by the handlers.

Starting in 2012, with the introduction of the Dallara DW-12 chassis, a special platform was constructed to display the trophy in a more prominent fashion in victory lane.

In addition, during the month when the trophy is displayed trackside, it is typically placed on a decorative dolly for easy transportation.