[1] The competition was launched in 2004 by PBS member stations WNED-FM, WNED-TV and the Buffalo Philharmonic Orchestra (BPO).

It was named in honor of the BPO's music director, JoAnn Falletta.

It was the world’s first concerto competition for classical guitarists with accompaniment by a full symphony orchestra.

The art directors are Joanne Castellani and Michael Andriaccio (Castellani-Andriaccio Duo) and Donald K. Boswell (President and CEO, Western New York Public Broadcasting).

To date there have been only three absolute winners of the competition who won all possible awards (1st Prize, Musicians Favorite Award, and Audience Favorite Award): 2004: Marcin Dylla (Poland),[2] 2014: Marko Topchii (Ukraine)[3] and 2016: Anton Baranov (Russia).