Organized by the Venezuelan Football Federation, it is contested in the second half of the season by the teams in the Primera División and Segunda División, excluding reserve teams competing in the lower tier.

Over the years, the competition has had several names.

Under its current format, the competition was revived by the FVF in 2007.

Its format is similar to the one used for the Spanish Copa del Rey.

Until 2019, the champion qualified for the Copa Sudamericana.