It is run at Newcastle over a distance of 6 furlongs (1,207 metres), and it is scheduled to take place each year in late June or early July.
The event was established in 1994 and is named after Chipchase Castle, a Jacobean mansion situated approximately 30 miles north west of Newcastle.
It was initially classed at Listed level before being promoted to Group 3 status in 2001.
Since 2016 it has been run on a Tapeta all-weather track, having previously been contested on turf.
The Chipchase Stakes is run on the same afternoon as Newcastle's richest race, the Northumberland Plate.