First played during the 1959-60 season, the Irani Trophy was conceived to mark the completion of of 25 years of the Ranji Trophy championship. It was named after the late Z.R. Irani who was associated with the Board of Control for Cricket in India (BCCI) from its inception in 1928, till his death in 1970. In appreciation of his services to Indian Cricket, the Board instituted a trophy in his name, to be presented to the winners of a match to be played between the Ranji Trophy Championship of the preceding year and the Rest of India XI.

The first match, played between the Ranji Trophy champions and the Rest of India was played in 1959-60. For the first few years, it was played at the fag end of the season. Realizing the importance of the fixture, the BCCI moved it to the beginning of the season. Since 1965-66, it has traditionally heralded the start of the new domestic season.

The Irani Trophy is very popular with cricket lovers in the country and is followed with keen interest. Leading cricketers participate in the competition and it is often a kind of selection trial to pick the Indian team for the tours in the upcoming seasons.