The Ryanair Chase is the first Grade 1 of Thursdays meeting and attracts some of the best middle distance chasers there is. It is run over a distance of 2m5f and has attracted some decent sorts recently, Imperial Commander winning the race in 2009 and then following up with a Gold Cup victory the following year. It is open to 5 year olds and above and is no longer limited to novices as it was years ago. The PaddyPower Gold Cup, run in November at the Cheltenham track often gives an indicator as to horses that may participate in this race as it is run over 2m 4 ½ furlongs.

This race was added when the Cheltenham Festival was increased to four days from three so we don't have much in the way of data to form any trends, but many of the winners have often had some previous impressive course form, but 2012 winner Riverside Theatre bucked that trend having not fared well in a previous race at Cheltenham.

In 2015 Uxizandre won the Ryanair Chase for owner JP McMinus and provided jockey AP McCoy with his last ever Festival winner before his retirement. In 2016 Vautour became the first ever Irish trained winner of the race, repeated in 2017 for Willie Mullins with Un De Sceaux who is favourite again this year.