The race debuted at the Cheltenham Festival in 1959 as the National Hunt Two-Mile Champion Chase. In 1980, to honor her 80th birthday and lifelong passion for National Hunt racing, it was renamed the Queen Mother Champion Chase. The Queen Mother was a devoted patron of the sport and a successful owner of racehorses.
The race remained unsponsored until 2008 when Seasons Holidays became the first to back the prestigious event. SportingBet then took over from 2011 to 2013, followed by Bet Victor in 2014. Since then, Betway has served as the sponsor, leading to the current title of Betway Queen Mother Champion Chase.