Raced on the dirt over a distance of seven furlongs, the Grade I event currently offers a purse of $350,000.
Inaugurated in 1903, the first edition was won by Delhi who went on to win the 1904 Belmont Stakes.
Currently, the Hopeful Stakes is the first influential prep race leading up to the Breeders' Cup Juvenile and since 1925 has been a competition that marks the first time two-year-olds are tested at a distance beyond six furlongs.
Due to the State of New York's legislated ban on parimutuel betting, there was no race in 1911 and 1912.
During World War II, the Hopeful Stakes was run at Belmont Park in 1943, 1944, and 1945.