Instituted in 2018, with its first members inducted in 2019, it is the highest honour which can be bestowed by the Government of Yukon.

Prior to the creation of the Order of Yukon, an unofficial order, the Order of Polaris, was created in 1973 largely to celebrate members of Canada's Aviation Hall of Fame but was not part of the Canadian honours system.

The Order of Yukon was first proposed in 2016, following public consultation.

[2] The call for nominations was first announced in late May 2019 with the first ceremony set for New Year's Day for 2020.

The commissioner of Yukon bestows the award and is an ex officio member as the order's chancellor.