Formerly the Lightning Stakes, the race now carries the name of the champion mare Black Caviar, one of its winners. It has always been run at Flemington's straight course, except in 2007, when work at Flemington moved it to Moonee Valley.
Its honour roll is full of great sprinters: Wenona Girl, Placid Ark, Schillaci, Testa Rossa, Choisir, Fastnet Rock, Takeover Target, Miss Andretti, Black Caviar, Chautauqua and Nature Strip. In 2025 Skybird won at $26, the longest-priced winner in the race's history. In 2026 Tentyris won for Anthony and Sam Freedman with Damian Lane riding, ahead of My Gladiola and Benedetta.
