The Victoria Cross was created in 1993, perpetuating the lineage of the British Victoria Cross, while serving as the highest award within the Canadian honours system, taking precedence over all other orders, decorations, and medals. It is awarded by either the Canadian monarch or his viceregal representative, the governor general of Canada, to any member of the Canadian Armed Forces or allies serving under or with Canadian military command for extraordinary valour and devotion to duty while facing hostile forces. The British Victoria Cross was recommended prior to the creation of the Canadian medal. The previous Victoria Cross remains the highest award of the United Kingdom honours system and was also awarded in other Commonwealth countries; although most, including Canada, later established their own honours systems and no longer recommended British honours.

The Victoria Cross (VC) is the highest and most prestigious decoration of the British honours system. It is awarded for valour "in the presence of the enemy" to members of the British Armed Forces and may be awarded posthumously. It was previously awarded by countries of the Commonwealth of Nations, most of which have established their own honours systems and no longer recommend British honours. It may be awarded to a person of any military rank in any service and to civilians under military command. No civilian has received the award since 1879. Since the first awards were presented by Queen Victoria in 1857, two thirds of all awards have been personally presented by the British monarch. The investitures are usually held at Buckingham Palace.