The trophy is named after Lady Isobel Gathorne-Hardy, the daughter of Lord Stanley—former Governor General of Canada and namesake of the Stanley Cup—and one of the first women known to play the game of ice hockey.

After the 2022–23 season concluded, the PHF was bought out as part of the process of establishing the new Professional Women's Hockey League (PWHL), leaving the Isobel Cup's status in limbo.

The Isobel Cup was first unveiled in 2016 during the playoffs of the National Women's Hockey League (NWHL), which rebranded as the PHF in 2021.

[6] The Beauts advanced to their third consecutive final in 2018, defeating Boston 3–2 in overtime in the semi-final before losing 1–0 against the Metropolitan Riveters and MVP goaltender Katie Fitzgerald.

[7] The Beauts extended their streak of finals appearances to four in 2019; however, the expansion Minnesota Whitecaps secured their first championship with a 2–1 overtime victory, with Lee Stecklein scoring the title-winning goal.

[10] League play resumed in 2021, with a shortened "bubble" season taking place at Herb Brooks Arena in Lake Placid, New York.

[14] In 2023, the Toronto Six became the first and to date only Canadian team to win the Isobel Cup, securing a 4–3 overtime victory over Minnesota in the final with Tereza Vanišová scoring the title-winning goal.