The tournament was originally organised and held in South Korea and contested in 2003, 2005, and 2007 between eight clubs from various countries, including the Seongnam Ilhwa Chunma, which is owned by the organizing company.
A corresponding event featuring women's national teams, the Peace Queen Cup, began in 2006.
Since 2003, the Peace Cup is being held every two years, the Sunmoon Peace Football Foundation invites football clubs from various nations. South Korea's Seongnam Ilhwa Chunma participates in every tournament as both the club and foundation are sponsored by the same organization, the Unification Church.
From 2003 to 2007, the Peace Cup was played between eight clubs, divided into two groups of four teams. The winner of each group qualified for the final, which was played in a single match. 2009 Peace Cup Andalucia was held in Spain, and 12 teams participated in the competition.
The fifth competition took place in South Korea in July 2012. In October 2012 it was announced that the Peace Cup will no longer be held, following the death of Unification Church founder Sun Myung Moon.
The original name of the competition was to be Sunmoon Peace Cup, named after Sun Myung Moon, the founder of the Sunmoon Peace Football Foundation. However, after being criticized that it was too religious, the organization changed its named to World Peace King Cup and started preparation for its first tournament. Before the inauguration of the cup, the Asian Football Confederation warned that the term "world" can only be used by competitions organized by FIFA, and "king" can be used by competitions held by a kingdom.
The Golden ball is awarded to the player on the basis of a vote taken among the media accredited to each Peace Cup tournament. There are also Silver Ball and Bronze Ball for the second and third best players respectively.
^RSSSF Report about 2000 and 2001 tournaments including standings tables , scorrers , winners, referred to as "Shalom Cup" the Hebrew name: http://www.rsssf.com/tabless/shalom-roma.html (ERROR in source: hapoel tel aviv is mentioned in the bottom of standing table of 2001 tournament , instead of Maccabi Haifa that is mentioned above.)