It was established on 28 September 1829 by Francis I King of the Two Sicilies to reward civil merit in the performance of public functions, sciences, arts, agriculture, and commerce.

In 2001 its Grand Master reformed its Statutes.
The Order is divided into eight Ranks: Knights of Grand Cross, with fess, cross and plate; Ladies of Grand Cross, with ribbon with bow edged in gold and covered with fleurs-de-lis; Knights Commanders, with neck ribbon and cross; Ladies Commanders with ribbon with bow edged in gold and cross; Knights, with ribbon and cross at the buttons; Ladies, with ribbon with bow and cross.

There are also those Decorated with golden and silver medal.

The decoration is formed by a Greek cross with four dovetailed arms, enameled in white, and showing in the middle the golden shield with the initials F.I. topped by the royal crown and surrounded by an oak garland enameled in green and red and edged by a blue ribbon with the motto "DE REGE OPTIME MERITO" in golden letters, with four lilies at the angles and a golden Royal Crown at the top.

On the verso, golden shield bearing the inscription "FRANCISCUS I INSTITUIT MDCCCXXIX", bordered by an oak garland enameled in green and red.

The ribbon is red with blue edges.

The present Grand Master is HRH Prince Charles of Bourbon Two Sicilies, Duke of Castro.


Other Orders:
- Illustrious Royal Order of San Gennaro
- Illustrious Royal Order of St. Ferdinand and Merit
- Sacred Military Constantinian Order of St. George
- Royal Military Order of St. George and Reunion