The event is named after St James's Palace, a royal residence during the Tudor period. It was established in 1834, and the inaugural race resulted in a walkover. The present system of race grading was introduced in 1971, and for a period the St. James's Palace Stakes was classed at Group 2 level. It was promoted to Group 1 status in 1988. It is contested on the opening day of the Royal Ascot meeting.
Early history:- The inaugural running of the St James's Palace Stakes on Tuesday 10th June 1834 was a disappointing affair when 17 of the 18 subscribers were frightened off by the Derby winner Plenipotentiary who was left to walk-over. The next year the race was held on Tuesday 16th June 1835 contested by the Derby second and third, Ascot and Pelops. Ascot once again confirmed his superiority by a length, the same distance he had beaten Pelops by in the Epsom Derby the previous month.