Originally named the MBC Film Awards, the ceremony was first established in 2002.

Votes were determined from a jury of 500 film professionals and 500 viewers selected through the internet, using a 7:3 ratio.

[1] In 2009, failure to secure sponsors during the global economic recession resulted in the cancellation of that year's ceremony.

[2] It resumed in 2010, with Hyundai Motor Company as the main sponsor.

[3] But persistent financial difficulties regarding the production costs led MBC to abolish the awards in 2011.