The league was formed in 1998 to increase the profile of the leading athletics competitions - in the first season, those at Oslo, Rome, Monaco, Zürich, Brussels and Berlin. Athletes (in selected events) who win their event at all six meetings take a share of a $1 million jackpot. In addition, events at Golden League meetings scored more Grand Prix points than other Grand Prix meetings. A seventh event, at St-Denis, Paris, was added in 1999, and Monaco was dropped from the league in 2003 after it was awarded the IAAF World Athletics Final. For 2004, the Bislett Games move from Oslo to Bergen, due to the redevelopment of the Bislett Stadion .
Various rules have changed as the new competition finds its feet. The list of events which qualify for the jackpot is different each year, but there are usually six men's events and six women's. In 2000, the $1 million was reduced to 50 kg of gold bars, but this was reverted in 2003. Also, in 2000 and 2001, athletes only had to win at 5 out of 7 meetings to qualify for the jackpot.