Presented by the member clubs in 1968 for perpetual competition by the National Hockey League in recognition of the services of Clarence S. Campbell, President of the NHL from 1946 to 1977. From 1967-68 through 1973-74, the trophy was awarded to the regular-season champions of the West Division.

Beginning in 1974-75, it was awarded to the regular-season winner of the conference bearing the name of the trophy. From 1981-82 to 1992-93 the trophy was presented to the playoff champion in the Campbell Conference. Since 1993-94, the trophy has been presented to the playoff champion in the Western Conference. The trophy itself is a hallmark piece made of sterling silver and was crafted by a British silversmith in 1878.