It is run at Ascot over a distance of 1 mile 1 furlong and 212 yards (2,004 metres), and it is scheduled to take place each year in June.
The event was established in 1862, and it was named after the Prince of Wales at that time, the future King Edward VII.
The present system of race grading was introduced in 1971, and for a period the Prince of Wales's Stakes was classed at Group 2 level.
It was promoted to Group 1 status in 2000, and at this point the minimum age of participating horses was raised to four.
The Prince of Wales's Stakes is currently held on the second day of the five-day Royal Ascot meeting.