The Volvo Masters was the concluding official money event of the European Tour season until 2009, when it was replaced by the Dubai World Championship.

The event was founded in 1988 and held at Valderrama Golf Club in Andalusia, Spain, except for a five-year period between 1997 and 2001 when Montecastillo Golf Club played host to the tournament.

The field consists of the top 60 leading money winners on the European Tour, and from 2005, an invitation has also been issued to the previous years winner regardless of their standing on the money list.

Prior to 2007, the Volvo Masters was held one week before The Tour Championship to allow golfers who are members of both the European and PGA Tours to participate, but this changed after the PGA Tour rescheduled their event to mid-September.

Following a one-year absence from the calendar, Valderama returned to the European Tour schedule in 2010 with the Andalucía Valderrama Masters under the sponsorship of Turismo Andaluz (Andalucia Government Tourism Organization).