The Hong Kong Awards for Industries was officially launched in 2005 by merging the former Hong Kong Awards for Industry and Hong Kong Awards for Services, established in 1989 and 1997 respectively, to rationalise and update the two award schemes. The merged awards scheme continues to recognise the outstanding achievements of Hong Kong enterprises in their move towards higher technology and higher value-added activities. The Awards cover seven categories.

Overall coordination is provided by the Organising Committee of the Hong Kong Awards for Industries. This Committee is chaired by the Director-General of Trade and Industry with membership drawn from trade and industrial organisations and industrial support bodies in Hong Kong. Within the guidelines set by this Committee, annual competition in each of the seven award categories is held and run by a different organisation (known as the "leading organiser").

The Federation of Hong Kong Industries is responsible for the consumer product design category; the Chinese Manufacturers' Association of Hong Kong for the machinery and machine tools design category; the Hong Kong Retail Management Association for the customer service category; the Business Environment Council for the environmental performance category; the Hong Kong General Chamber of Commerce for the innovation and creativity category; the Hong Kong Productivity Council for the productivity and quality category; and the Hong Kong Science and Technology Parks Corporation for the technological achievement category.

Each organisation is responsible for drawing up and administering the rules of its own award competition, publicising the competition, inviting entries and conducting a preliminary evaluation of entries. The judging process in each award category is carried out by a judging panel and then a final judging panel. To ensure consistency of judging standards, the final judging panels are chaired by the same person.

To reflect the prestige of the Awards, only one Grand Award is presented to the most outstanding entry in each category every year. Each leading organiser may also present a number of Awards and Certificates of Merit to other deserving entries in the award category for which it is responsible.

All winners of the Awards are entitled to display the official logo of the Hong Kong Awards for Industries for a period of three years and receive the Hong Kong Awards for Industries trophy / Certificate as a permanent memento of their achievements.