The 1972 version was a revival of a 1956–1965 show of the same name, with new gameplay elements added, and was originally billed as 'The New Price Is Right' before the word 'New' was dropped from the title in June 1973 once the show proved popular in its own right.

Bob Barker was hired as host in 1972 while he was still hosting the stunt comedy show Truth or Consequences, and his 2007 retirement coincided with his 50th year as a television host.

During his 35-year tenure, Barker missed only one taping of four episodes, in December 1974, when Dennis James (then hosting the syndicated nighttime version) filled in for him.

Drew Carey, who was hosting Power of 10 at the time, was chosen as Barker's successor and announced it during a July 23, 2007 interview on Late Show with David Letterman; his first episode aired October 15, 2007.

Barker made three guest appearances after retiring: in 2009 to promote his autobiography Priceless Memories, in 2013 for his 90th birthday during Pet Adoption Week, and in 2015 on an April Fools' Day episode where he hosted the first One Bid and pricing game before handing hosting duties back to Carey.

The 2017 documentary Perfect Bid: The Contestant Who Knew Too Much tells the story of the only contestant to bid the exact price of a Showcase, on an episode taped in September 2008.

For its first 51 seasons the show was taped in Studio 33 at Television City, which was renamed the Bob Barker Studio in his honor during the ceremonial 5,000th episode taping in March 1998; the show later moved to Haven Studios in Atwater Village starting season 52 after Television City underwent a $1.25 billion refurbishment.

Bob Barker died at age 99 on August 26, 2023, almost three months before the last episode ever filmed in his namesake studio aired, and a tribute to him was filmed just two days later during the first taping session at the new Haven Studios set.