The race was first held as a Principal Race over 5 furlongs (about 1000m) called the QTC Hopeful Stakes in 1939 and was won by Sea Bird. In 1971 the name was changed to the QTC JF Meynink Stakes and it was won by Positano. In 1972 the distance became 1000m and in 1979 it became a Listed race. In 2000 the distance was increased to 1200m. The race wasn’t held in 2007 due to equine influenza, then in 2008 the distance was reduced to 1000m. In 2009 the name was changed to the Phelan Ready Stakes. In 2013 it was moved to Doomben where it was run until 2019 over 1010m (2013), 1050m (2014-2015) and 1110m (2016 -2019). In 2020 it returned to Eagle Farm over 1000m.
The equivalent race for fillies is the Calaway Gal Stakes which has a much shorter history as it was first held in 2005.
Phelan Ready was a brown gelding foaled on 3 September 2006 who won the 2009 Golden Slipper.