The Oaks was first run in 1861, the same year as the first Melbourne Cup, over 2400 metres and was won by Palestine. Like the Victoria Derby it moved to 2500 metres in 1973, giving the field a longer run to the first turn. Fashions on the Field began at the 1962 Oaks meeting, which is how the day became known as Ladies' Day.
It is the fillies' counterpart to the Derby, and its honour roll includes Briseis, Light Fingers, Surround, Research, Miss Finland, Samantha Miss and Mosheen. Recent winners include Zardozi (2023) and Treasurethe Moment (2024). In 2025 Strictly Business won for trainer Thomas Carberry and jockey John Allen, ahead of The Pearls and After Summer.