It is run on the Rowley Mile at Newmarket over a distance of 7 furlongs (1,408 metres), and it is scheduled to take place each year in October.
The event was established in 1878, and the inaugural edition was titled the First Great Challenge Stakes.
It was originally contested over six furlongs and open to horses aged two or older.
The present system of race grading was introduced in 1971, and for a period the Challenge Stakes held Group 3 status.
The race was formerly staged during Newmarket's Champions' Day meeting in mid-October.