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The Breeders' Cup World Championships is an annual series of Grade I Thoroughbred horse races, operated by Breeders' Cup Limited, a company formed in 1982. From its inception in 1984 through 2006, it was a single-day event; starting in 2007, it expanded to two days. All sites have been in the United States, except in 1996, when the races were at the Woodbine Racetrack in Canada.

The attendance at the Breeders' Cup varies, depending mainly on the capacity of the host track. Santa Anita Park set the highest 2 day attendance of 118,480 in 2016.Typically trails only the Kentucky Derby, the Preakness Stakes and the Kentucky Oaks (and in some years, the Belmont Stakes).

With the addition of three races for 2008, a total of $25 million was awarded over the two days, up from $23 million in 2007. With the subsequent removal of two races, the purses for the remaining thirteen races totaled $24.5 million in 2014, plus awards for foal and stallion nominators Prior to the 2016 running, the total purses were raised from $26 million to $28 million. The purse of the Classic was raised from $5 million to $6 million, and the purse of the Longines Turf was increased from $3 million to $4 million.

Each Breeders' Cup race presents 4 Breeders' Cup trophies to the connections of the winner and a garland of flowers draped over the withers of the winning horse. Many Breeders' Cup winners will go on to win the Eclipse Award in their respective division. For example, of the eleven flat race horse categories, seven of the Eclipse winners in 2015 had also won a Breeders' Cup race, while three others were in the money.

In the 2015 listing of the International Federation of Horseracing Authorities, three Breeders' Cup races are ranked among the top Grade 1 races in the world: the Classic (4th), the Turf (10th) and the Mile (12th). The Distaff is ranked second among the top Grade 1 races for fillies and mares. The top ranked race was the World Cup Classic 12 million.

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