It was given to soldiers and officers who displayed exceptional courage, bravery, and strategic skill during wartime.

Although initially, the Golden Lily was the highest war award, on April 14, 1994, the Presidency of the Republic of Bosnia and Herzegovina adopted the Decree on Decorations, which exclusively mentions the Order of the Hero of the Liberation War as the highest award.

[1] The Rulebook, established on October 1, 1992, outlines the criteria and procedures for granting the Golden Lily War award, and other relevant matters about its bestowal.

[2] The Order of Golden Lily was awarded to: "to the members of the armed forces who particularly stood out in armed opposition to the aggressor, contributed to the expansion of the free parts of the Republic, and performed several free acts in which their courage and sacrifice came to the fore, while the aggressor suffered considerable losses in manpower and material resources".

Many Bosnian heroes, from noble families to the royal Kotromanić dynasty, utilized it throughout history.