In February of 1989 (aired in March), after The Million Dollar Man Ted DiBiase was unable to win the WWF Championship, he introduced a new championship to the WWE - The Million Dollar Championship. The title was unsanctioned by the WWF. As such, DiBiase could declare whatever stipulations he wanted for the title, and so the Million Dollar Championship could change hands on a disqualification or count-out, unlike sanctioned WWF championships.

By Summer of 1991, The Million Dollar Man's bodyguard, Virgil had turned on his benefactor, and at that year's Summerslam, Virgil defeated DiBiase for the Million Dollar Championship. Virgil held the title until November, when DiBiase won the title back. After winning the WWF Tag Team Championship with IRS, the Million Dollar Title was abandoned.

In December 1995 (aired January of 1996), The Million Dollar Man introduced his new Million Dollar Champion - The Ringmaster, Steve Austin. Austin held the title until DiBiase was fired from the WWF in May of 1996, when he abandoned the title.

In April 2010, Ted DiBiase Jr. (son of the Million Dollar Man) re-introduced the championship for a few months after it had been awarded to him by his father after his first WrestleMania match. The title remained unsanctioned by WWE.

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