The awards ceremony is approximately 140 minutes long and is shown in two parts on KBS2.

The ceremony features performances by K-pop artists and music parodies from Gag Concert members.

In recent years, a rookie female and male MC/comedian are awarded in each category.

In 2008, it was renamed to "Top Popularity Award" (Korean: 최고 인기상).

For eleven years, Gag Concert has won a Top Excellence Award for Idea (Corner).