The show was originally hosted by Grant Denyer, and later by Simon Reeve, and aired at 5:30 pm on weeknights.

In November 2013 the original host, Grant Denyer, resigned for "family reasons" and was replaced by Weekend Sunrise sports presenter Simon Reeve[7] for the 2014 series, with sound effects and themes also upgraded.

It was announced on 30 August 2015 that the show would be axed after nearly two years, and replaced in its timeslot by The Chase Australia.

For some of the 2014 series, a category called "MDM News" was made in which, instead of an out of focus image, a newspaper heading is used.

Another version introduced in the 2015 series involves three images of something revealed one at a time, and contestants have to answer the question of what it is.

When the time runs out the contestant with the highest score continues to answer the five "Million Dollar Minute" questions.

In 60 seconds, Grant Denyer (2013) or Simon Reeve (2014–2015) reads out five multiple choice questions each with three answers.

Once all five questions are answered, five numbers which represent the contestant's choices are shown on a screen and checked one at a time in a random order.

Any contestants who reach this point on their way to the million dollars is guaranteed to walk away with at least $75,000 in addition to any safe money earned during their time on the show.

On 23 March 2014, 3AW's Ross Stevenson, John Burns and Tom Elliott competed in a special Sunday edition which was only aired in Melbourne and regional Victoria.

In July 2014, a special game broadcast on Sunrise across two days with the presenters David Koch, Samantha Armytage, and Natalie Barr playing against each other.

Armytage won the game but did not correctly answer all five questions in the Million Dollar Minute.

[10] On 13 April 2015, three teams from the sixth season of My Kitchen Rules (Jac and Shaz, Will and Steve, Ash and Camilla) appeared on the show with the money going to the charity of their choice.

[12] The winner would have the chance to win $20,000 for themselves in the Million Dollar Minute and gain a place in the semi-final.

The semi-final featured the three contestants playing again with the two highest scorers gaining a place in the grand final against $1,000,000 winner Andrew Skarbek to become the People's Champ.

The winner of the grand final would play for $100,000, with each correct answer worth $20,000, for a home viewer.