The ISU Challenger Series was introduced in 2014. It is a series of international figure skating competitions sanctioned by the International Skating Union (ISU) and organized by ISU member nations. The objective is to ensure consistent organization and structure within a series of international competitions linked together, providing opportunities for senior-level skaters to compete at the international level and also earn points towards the World Standings and Season's World Ranking. When an event is held as part of the Challenger Series, it must host at least three of the four disciplines (men's singles, women's singles, pair skating, and ice dance) and representatives from at least ten different ISU member nations. The minimum number of entrants required for each discipline is eight skaters each in men's singles and women's singles, five teams in pair skating, and six teams in ice dance. Each ISU member nation is eligible to enter up to three skaters or teams per discipline in each competition, although the Hungarian National Skating Federation may enter an unlimited number of entrants in their own event.
The inaugural edition of the Budapest Trophy was intended to be the sixth event of the 2020–21 Challenger Series, however all but two of the events were ultimately cancelled due to the COVID-19 pandemic: the 2020 Nebelhorn Trophy and the 2020 Budapest Trophy. On 13 July, the ISU announced that the remaining Challenger Series events would be treated as separate individual competitions rather than part of a series; as a result, no Challenger Series ranking would be determined and no prize money distributed at the end of the series, although skaters could still earn Challenger Series points towards the World Standings and Season's World Ranking. However, the ISU later revised their decision on 3 August, announcing that world ranking points would not be awarded due to the limited nature of the competitions. On 1 October, the Hungarian National Skating Federation released a statement detailing the Hungarian government's COVID-19 regulations for competitors seeking to gain entry to Hungary. The 2020 Budapest Trophy was held from 15 to 17 October at the Vasas Jégcentrum. Only 300 spectators were allowed into the arena each day, with temperatures taken prior to admittance and strict requirements for the wearing of masks. The Budapest Trophy has been held every year since, although the 2021 and 2025 editions were not part of the Challenger Series.
↑"2020 Budapest Trophy". International Figure Skating Magazine. 8 October 2020. Archived from the original on 3 October 2025. Retrieved 2 October 2025.
↑"Budapest Trophy". Skating Scores. Archived from the original on 26 August 2025. Retrieved 5 June 2026.