Founded by the Toronto Press Club (now known as the Toronto Press and Media Club) in 1965, the Hall of Fame is an iconic tribute to excellence in journalism in Canada and a program of national significance.

It now honours more than 100 men and women who have made significant contributions to journalism in this country.

Nominations for induction into the Hall of Fame can be submitted to the Press and Media Club at any time. The list of nominations is distributed to a group of Selectors across Canada, who then vote on the individuals and make their recommendations to the committee chairman. The Selectors are drawn from the ranks of senior Canadian journalists who are well qualified to judge their peers. Most are Members of the Hall of Fame.

Induction of new Members takes place annually at a banquet in downtown Toronto, where the honourees receive an engraved personal plaque. Their names are also added individually to the Hall of Fame plaques.

The Hall of Fame is operated under the auspices of the Toronto Press Club and was previously housed within the Ontario Club at 30 Wellington St. W. in Toronto. An important person who chose honourees was Gordon Donaldson (before his 2001 death), and his choices received some media attention.