The prize was established in April 1957 by the trustees of the Rockefeller Brothers Fund based in New York City with the concurrence of the Philippine government.

The award is named after Ramon Magsaysay, the seventh president of the Republic of the Philippines after World War II. The RMAF recognizes and honors individuals and organizations in Asia regardless of race, creed, sex, or nationality, who have achieved distinction in their respective fields and have helped others generously without anticipating public recognition. The awards have traditionally been given in five categories: government service; public service; community leadership; journalism, literature, and creative communication arts; and peace and international understanding.

The winners of the Ramon Magsaysay Awards come from different parts of Asia, although there are some instances where the winners came from countries outside Asia who had served, worked or accomplished something in different Asian countries. As of 2021, recipients have come from twenty-two Asian countries.

According to en.wikipedia.org