It was established in 1990 after the Velvet Revolution, and re-established in 1994 (following the dissolution of Czechoslovakia).

Unlike in the past, it is awarded to the Czech citizens and foreigners alike.

The order is named in honor of Tomáš Garrigue Masaryk, an advocate of Czechoslovak independence and the first President of Czechoslovakia.

The badge is a blue enameled star-shaped ornament with Masaryk's portrait placed in the center.

A medallion placed centrally on the reverse of the badge bears the Greater Coat of Arms of the Czech Republic encircled by a white ring with the inscription "VERNI ZUSTANEME" ("We Shall Remain Faithful"), the motto of the Order.