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The Ashland Stakes, along with the Kentucky Association’s Ashland Oaks, were named for the Lexington homestead and breeding farm of statesman Henry Clay. The Ashland Stakes was inaugurated at Keeneland’s first race meeting. The initial two runnings — at the fall meets of 1936 and 1937 — were for fillies and mares, 3-years old and upward. After a discontinuance of two years, the Ashland was revived in the spring of 1940 as an event exclusively for 3–year-old fillies. From 1943–1945, the Ashland was renewed as a part of the Keeneland-at-Churchill Downs meetings. Ashland Inc. has sponsored this race since 1986.