The event is organised by the sport's governing body, World Rugby, and is contested by 8 men's junior national teams with an under-20 age requirement.

The inaugural tournament was held in June 2008, hosted by Chile and with 8 teams participating.

At the same time that the Trophy was launched, World Rugby (then known as the International Rugby Board) also launched an upper-level championship, featuring 16 teams in 2008 and 2009 and a reduced format for 12 teams from 2010 and onwards.

The inaugural tournament was held in 2008, hosted by Chile, and won by Uruguay.

World Rugby's decision that the United States would host the tournament in 2012 was viewed as the United States taking a step closer towards hosting the Rugby World Cup.