Founded in 1978 by Pakistan's Air Marshal Nur Khan and the Pakistan Hockey Federation, it featured the world's top-ranked field hockey teams competing in a round robin format.

The Champions Trophy was changed from an annual to a biennial event from 2014 onwards, due to the introduction of the Hockey World League (HWL).

The 2018 edition was the last edition of the Champions Trophy and the tournament was replaced by the Men's FIH Pro League and the Women's FIH Pro League in 2019.

In the women's tournament, Argentina and the Netherlands won the trophy seven times each.

In the year following the Olympics or a World Cup, the participating teams include the host, the defending champion, the world champion and the next highest ranked teams from either the most recent World Cup or Olympic Games.