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Peerless was founded in 1921 in Mexico City by E. Baptista. Early pressings of their gramophone record were made under contract by Gennett Records. By 1933, Peerless was pressing its own records in Mexico. The Peerless label mostly released popular Mexican music; some popular dance bands and tunes from the United States of America also appeared on Peerless in the 1920s.
Peerless issued some long-playing vinyl records starting in 1951. During the years, Peerless has been the record label for many well-known artists, such as Pedro Infante. Peerless remained an independent label until 2001, when it merged with its subsidiary MCM (Metro Casa Musical), becoming Peerless-MCM S.A. de C.V., which was later bought by Warner Music Mexico