The Underwood Stakes is a Group 1 race run under Weight For Age conditions for open class horses at Caulfield conducted by the Melbourne Racing Club.

The Underwood Stakes is run over 1800m. It was first run in 1924 and was won by Whittier.

In the early days the Underwood Stakes was known as the Williamstown Stakes and run at a few courses including Williamstown. From 1948 it moved to Caulfield.

It has been as short as 1400m and as long as 2000m but has been at the 1800m since 1994.

Previously run on Show Day Holiday which was a Thursday, it is now on feature weekends. It was on a Sunday in 2019 with the way the dates fell.

The Underwood Stakes was a Principal Race until graded at Group 1 in 1979.

Three straight Caulfield Cup winners Elvstroem, Mummify and Northerly came through winning the Underwood. Homesman missed by a nose from adding to the list.

Three times since 2010 has the Caulfield Cup winner run in the Underwood.

3 of the first 4 runners home in 2019 were 8yos or older.

Before Bonneval, the previous mare to win was Tristarc in 1985 (Atlantic Jewel was 4/7 in 2013 and beaten).

Russian Camelot was one of few recent SA Derby winners to win an open age WFA race in the following Spring.

Alligator Blood's second win in 2023 saw Gai Waterhouse with Adrian Bott join up with Damien Oliver. It meant between them they had a combined 284 G1s after his win.

The Underwood Stakes was worth $750,000 in 2023.

Notable winners of the Underwood Stakes include Alligator Blood (2022/2023), Zaaki (2021), Russian Camelot (2020), Bonneval (2017), Black Heart Bart (2016/2019), It's A Dundeel (2013), Ocean Park (2012), So You Think (2010), Weekend Hussler (2008), El Segundo (2006), Elvstroem (2004), Mummify (2003), Northerly (2001/2002), Tie The Knot (1998), Octagonal (1996), Jeune (1994), Dr Grace (1991), Almaarad (1989), Rubiton (1987), Bonecrusher (1986), How Now (1976), Sobar (1972), Big Philou (1970), Rain Lover (1969), Tobin Bronze (1966), Aquanita (1961/1962), Lord (1958/1960), Ajax (1938/1939/1940) and Phar Lap (1931).

The 2023 Underwood Stakes was won by Alligator Blood from Tuvalu and Duais.