The two best and fairest awards were combined into one in 1940, when the Association dispensed with the Recorder Cup voting system; in 1940 and 1941, both the V.F.A.

Medal and the Recorder Cup were awarded as trophies to the same player based on the same set of votes.

[2] The Association went into recess from 1942 until 1944 during World War II; upon resumption in 1945, and continuously since, the winning player has received one trophy, the J. J. Liston Trophy, named after long-term Association president John James Liston, who died in 1944.

The current voting system for the J. J. Liston Trophy is the same as for the Australian Football League's Brownlow Medal.

A player is ineligible to win the award if he is suspended for a reportable offence during the season.

[4] If more than one player ties for the highest number of votes, each is awarded a Liston Trophy jointly.

The award was originally known simply as the Division 2 Best and Fairest until 1968, then was named after former secretary Jack Field in 1969.