Named after the mythological goddess Diana (French name Diane), the race was first run on May 18 1843. It was created as the French equivalent of the Oaks Stakes, which had been run since 1779 at Epsom in England. The distance was set 300 metres shorter than that of the English race and it has remained at this length for most of its history. As with the Prix du Jockey Club (the French Derby) the race was originally restricted to horses born and bred in France, before opening to foreign participants in 1946.
The first running to take place away from Chantilly was in the year of the 1848 French Revolution, when the race was switched to Versailles. It was not run in 1871 due to the Franco-Prussian War, nor from 1915 to 1918 during World War I. It then resumed in 1919 with the first of two post-war runnings at Longchamp before returning to Chantilly in 1921.
The race was again held at Longchamp in 1936 and also for two spells during and after World War II (1941–42, 1945–47). The 1940 running was cancelled and the other wartime races in 1943 and 1944 were run at Tremblay over 2,150 metres. The only subsequent disruption was in 1975 when the race was called off due to a strike by stable lads. The favourite to win that year had been Ivanjica.
Two winners of the Prix de Diane have also won the English Oaks – Fille de l'Air in 1864 and Pawneese in 1976. However, as the two races often take place in close succession it is not always possible for horses to compete in both events. The 1973 winner, Allez France, is the most recent of four Prix de Diane winners to subsequently win the Prix de l'Arc de Triomphe, which was established in 1920.
The first foreign trained horse to win the Prix de Diane was Sweet Mimosa in 1970, trained in Ireland by Seamus McGrath. The runner-up that year, Highest Hopes, was also based overseas, trained in England by Dick Hern. Four years later Hern won the race with Highclere, owned by Queen Elizabeth II.
From 1977 to 1982 the race was sponsored by Revlon. The present sponsor, Hermès, has supported the race since 1983.