It was created on 30 June 1950 as Hero of the Korean People's Republic (조선인민공화국영웅).
Despite having been created just five days after the Korean War broke out, the connection seems incidental.
Since there is no agreed upon order of precedence of North Korean titles, orders, and medals, it is not possible to definitively establish the rank of Hero of the Republic.
[3] Martin Weiser, however, ranks Hero of Labor the highest.
[1] The medal was designed by Jong Chon-pa, who also designed the Hero of Labor, Order of the National Flag and others, including the Emblem of North Korea.