The Prince of Wales's Stakes, currently staged on the second day of the Royal meeting, was established in 1862, and named after the Prince of Wales at that time, the future King Edward VII. The original version was restricted to three-year-olds, and it was contested over 1 mile and 5 furlongs. The race was discontinued after World War II, when there was no Prince of Wales. It returned in 1968, a year before the investiture of Prince Charles. The distance of the new version was 1 mile and 2 furlongs, and it was now open to horses aged three or older. 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.
Early history:- The inaugural running of the Prince of Wales's Stakes was on Tuesday 17th June 1862 over 1 mile 5 furlongs of the New Course. It was won by Carisbrook (100/8), beating Neptunus (4/1 joint favourite) and Hurricane (20/1) by 2 lengths and a head.