The trophy was first presented during the 1925–26 NHL season to the champion of the first game in Madison Square Garden on December 15, 1925.

Since the 1967 NHL expansion, it has served as a counterpart to the Clarence S. Campbell Bowl by using the same criteria in the opposite competitive grouping.

[1] Due to a modified playoff format held in 2021 because of the COVID-19 pandemic, the Wales Trophy was awarded to the Tampa Bay Lightning after defeating the New York Islanders in the Stanley Cup semifinals.

[2] It was originally awarded to the winner of the first game played in Madison Square Garden, held on December 15, 1925 (Montreal Canadiens 3 at New York Americans 1).

Prince of Wales trophy has been awarded to the Eastern Conference playoff champions since the 1993–94 season.

Initially the trophy was not going to be awarded,[10] but it was later decided that the trophy would be awarded to the winner of the Stanley Cup semifinals series between the East and Central divisions, eventually being the New York Islanders and the Tampa Bay Lightning.