In 1995, the Prime Minister's Honours Advisory Committee recommended that the Polar Medal should be created under a New Zealand royal warrant.

It also recommended that it should be renamed as "The Antarctic Medal" to reflect the fact that it is in relation to Antarctica that New Zealand's endeavors and achievements have been made.

The New Zealand Antarctic Medal was formally instituted by Queen Elizabeth II on 1 September 2006.

The New Zealand Antarctic Medal may be awarded to those New Zealanders and other persons who either individually or as members of a New Zealand mission in the Antarctic region have made an outstanding contribution to exploration, scientific research, conservation, environmental protection, or knowledge of the Antarctic region; or in support of New Zealand’s objectives or operations, or both, in the Antarctic region.

The Medal will not be awarded for acts of bravery, for short-term acts of extreme endurance, for long service or for service in Antarctica generally.