One of the event's most prestigious daesang (or grand prize) awards,[1] it was first awarded during the ceremony's eighth edition in 2006—then titled the Mnet KM Music Festival.
[4] However, prior to the announcement of the 2021 ceremony nominations, it was revealed that online fan voting would be removed from consideration.
[5][6] As of 2022, the judging criteria for the award consists of 40% judges panel evaluation and 60% digital song downloads and streaming (40% from South Korea and 20% global).
[7] The Song of the Year award was first presented to vocal group SG Wannabe for "Partner for Life" in 2006, where they also won Album of the Year for the single's parent album The 3rd Masterpiece.
Twice and BTS currently holds the distinction for the most awarded artists overall in the category, having both won the prize three times.