The Breeders' Cup is a thoroughbred horse racing championship held at the end of each year. The Cup's main day of racing is considered one of the richest days in the world of sports, in terms of the prize money awarded to the winners. The Breeders' Cup awards about $20 million each year.

The Breeders' Cup is actually 8 different championship races, all traditionally held on the same day. The multiple races allow the Cup to accommodate different race lengths, different surfaces dirt or grass turf, and differences in the age or sex of the horses. The Juvenile and Juvenile Fillies races are restricted to 2-year-old colts or fillies, while the other 6 races are for horses age 3 or older. Three of the races are restricted to female horses the Juvenile Fillies, Filly and Mare Turf, and Distaff races. The two biggest races are the Turf, with a purse of $3 million, and the dirt-track Classic, which pays out $5 million.

Somewhat similar to the Nextel Cup of NASCAR racing, horses can win their way into the Breeders' Cup field by accumulating points throughout the year. Points are awarded for finishing in the top 3 at approved races. Since only 14 horses are allowed in each of the championship races, the point system is used to help determine which thoroughbreds qualify for the race if there are more than 14 entries. Only the top 7 horses are allowed in based on the point system, though; the other 7 are chosen by a panel of racing experts.

The Breeders' Cup has no set location. Since its inception in 1984, the championship has been held at 9 different parks, including the Churchill Downs of Kentucky Derby fame and Belmont Park, home of the Belmont Stakes.

Changes are in store for the Breeders' Cup, beginning in 2007. A second day of racing is being added, with 3 additional races held on the first day and the traditional 8 held on the second day. The qualifying process is also being adjusted somewhat. Twenty-four regular-season races are being designated as Breeders' Cup qualifying races. The winners of these races will be automatically entered into their respective Breeders' Cup races, based on the age, sex, and type of track that they qualify for. The rest of the field will still be chosen using the point system and expert panel.

Despite the name "Breeders' Cup", the championship trophy given to race winners is a statue of a horse, and not an actual cup.