On November 30, 1963, a film awards ceremony was held to improve the quality of Korean films and to develop the film industry.

It was first hosted by the Chosun Ilbo. Among the domestic film awards ceremonies, the Grand Bell Awards and the Baeksang Arts Awards are considered one of the top three film awards, and are recognized as the highest authority among them. Currently, it is hosted by Sports Chosun and broadcast live by SBS.

On November 30, 1963, the first Blue Dragon Film Awards ceremony was held at the Civic Center.

Lee Man-hee, director of "The Marine Who Never Returns," won the director's award at the film festival for 17 theatrical films, while actors Um Aeng-ran and Shin Sung-il won the popularity award by voting.

The 40th Blue Dragon Film Awards in 2019 was won by director Bong Joon-ho's film "Parasite," which won five awards, including the director's award.