The event was established in 1890, and it was named after the 9th Earl of Coventry, George William Coventry, born 9th May 1838, a Conservative politician, Captain of the Gentlemen-at-Arms, and who Master of the Buckhounds from 1886-1892 and again from 1895 to 1901. The present system of race grading was introduced in 1971, and for a period the Coventry Stakes was classed at Group 3 level. It was promoted to Group 2 status in 2004. It is usually contested on the opening day of the Royal Ascot meeting.
Early history:-The Prince and Princess of Wales were in attendance on Tuesday 17th June 1890 for the inaugural running of the Coventry Stakes worth £1,823 to the winner. Excessive rain fell until noon, but it was fine when the 19 runners lined up for the Coventry Stakes over 6 furlongs. After repeated attempts the flag fell to a level start and, although the field was large, the race developed into a match between Siphonia (100/15) and The Deemster (9/4 fav) owned by Mr J B Leigh, with the favourite, ridden by Robinson, getting his head in front on the line to win by a head, with Grace Emily (20/1) three lengths back in third.