The current Miss Universe pageant was founded in 1952 by Pacific Knitting Mills, a California-based clothing company and manufacturer of Catalina Swimwear, and has since been headquartered in the United States.

The company was the sponsor of the Miss America pageant until 1951, when the winner, Yolande Betbeze, refused to pose for publicity pictures wearing one of their swimsuits.

In June 2015, NBC cancelled all business relationships with Trump and the Miss Universe Organization in response to controversial statements about illegal immigrants who crossed the border from Mexico.

On October 26, 2022, Thailand-based JKN Global Group acquired Miss Universe Organization (MUO) from Endeavor Group Holdings-owned IMG Worldwide at $14 million, making Anne Jakapong Jakrajutatip the first transgender woman to own the organization and marking the first time the organization expands its headquarters outside the U.S. From the 2022 edition onwards, NBC has re-acquired broadcast rights via The Roku Channel for the competition as a result of the ownership changes, marking the first time in Miss Universe history that the pageant has transitioned from traditional broadcast network coverage to full streaming service in the United States.

The number of participants fluctuates annually because of the franchising of the pageant paired with conflicting schedules to the regular calendar, but has steadied above 70 countries since 1989.

Recent countries that debuted in the pageant include Cameroon (2020), Bahrain (2021), Bhutan (2022), Pakistan (2023), Belarus, Eritrea, Guinea, Iran, Macau, Maldives, Moldova, North Macedonia, Somalia, United Arab Emirates and Uzbekistan (2024).

Macau is the latest newcomer and the most recent country to obtain its first ever semifinal placement at Miss Universe, after debuting in 2024 as a semifinalist in the Top 30.

However, the Miss Universe Organization has officially denied these claims and dispelled any rumors regarding Saudi Arabia's participation in the contest.

Cultural barriers, particularly with the swimsuit competition, and the prohibitive franchise fees of the event have prevented some countries like Mozambique from participating.

Nevertheless, the Miss Universe Pageant has historically proven popular in regions like the Americas, Africa and Asia, especially in countries like United States, Philippines, Colombia, Peru, Venezuela, South Africa, France, Thailand and Indonesia, given their successful track record of multiple semifinal appearances in the last decade and combined multiple titles in the competition's history.

Spain's Patricia Yurena Rodríguez is currently the highest-placed LGBT member at Miss Universe, placing second to Venezuela's Gabriela Isler in 2013, but did not come out until years after the competition.

[26][27][28] In 2021, the Philippines' Beatrice Gomez became the first openly bisexual (and LGBT) contestant to enter the Miss Universe semifinals, after finishing as a finalist in the Top 5 that year.

In 2023, Portugal's Marina Machete became the first transgender contestant to enter the Miss Universe semifinals, after finishing as a semifinalist in the Top 20.

"[29][30] However, in August 2022, the Miss Universe Organization announced that mothers, married, or pregnant women are eligible to compete in the pageant.

Later that same year, Colombia's Camila Avella became the first candidate to become a mother before clinching a semifinal placement at Miss Universe, after finishing as a finalist in the Top 5.

Between 2017 and 2019, the semifinalists were selected based on highest scores per continental group followed by the judging panel's wildcard list along an extra candidate chosen in popular choice.

However, this criterion has been modified to use weighted averages or with points accumulated by stages from the preliminary competition to coronation night, with the assessment in ascending or descending order.

Since the pageant's inception, all semifinalists are announced at the beginning of the live telecast regardless of the edition's format and if ties occur in the final rounds, the preliminary results are used.

The winner also receives a cash allowance for her entire reign, a New York Film Academy scholarship, a modeling portfolio, beauty products, clothes, shoes, as well as styling, healthcare, and fitness services by different sponsors of the pageant.

This protocol has happened only once As of 2024[update], when Panama's Justine Pasek succeeded Russia's Oxana Fedorova as Miss Universe in 2002 after the latter's dethronement later that same year.

[52][53] Based in New York City and Bangkok, it is currently owned by the Thai JKN Global Group since 26 October 2022, when the former owners WME/IMG sold the pageant.