The first All-Star Game in the NHL started in 1934 to benefit Toronto Maple Leafs forward Ace Bailey, who suffered from a career-ending injury. On December 12, 1933, near the end of the second period of a game between the Leafs and the Boston Bruins in the Boston Garden, Bailey was tripped from behind by Bruins defenceman Eddie Shore, in retaliation of a check by King Clancy. Bailey was not the intended target of the check, Shore wanting to hit Clancy instead. Bailey was badly hurt, unconscious and bleeding. Bailey's teammate Red Horner took offence to the hit, and subsequently knocked out Shore with a punch. Shore was forgiven after the game when both players regained consciousness, Bailey saying that it was "all part of the game". However, Bailey would pass out and lapse into convulsions.

Bailey was not expected to live after a single night in hospital after suffering from severe hemorrhaging. If Bailey were to die, it was made well-known that Shore would have been charged with manslaughter. Fortunately, he gradually recovered, but his hockey career was over. For his actions, Shore would receive a 16-game suspension, a third of the 48-game schedule of the time, while Horner was suspended for the remainder of 1933.

The game itself was proposed by Walter Gilhooley, the sports editor of the Journal in Montreal. This proposal would become a reality on January 24, 1934, in a meeting of the NHL's Board of Governors in 1934. On February 14, 1934, the NHL's first All-Star Game was held, during which Bailey's #6 uniform was retired by the Leafs. It was the first number to be retired in the NHL. The game saw the Leafs battle against an All-Star team made of players from the other seven teams, which the Leafs won 7-3. One of the more memorable moments before the game was when Bailey presented Shore with his All-Star jersey, showing to the public that Bailey had clearly forgiven him for his actions. Bailey also presented a trophy to NHL President Frank Calder before a game in the hope that the trophy would go to the winner of an annual All-Star Game for the benefit of injured players.