The first dynastic Order was introduced by H.M. King Nikola I Petrovic in 1869. This was the Order of Saint Peter. It is sometimes said that this order was actually introduced much earlier by Vladica Peter II Petrovic-Njego�. The Order is bestowed upon prominent members of the Petrovic-Njego� family, as well as to prominent foreign citizens, and is currently held by all four Princes and Princesses of the Royal House. The name of Prince Danilo, the first Montenegrin ruler with a purely secular title, is inscribed on the Decoration. The Order was named after the Patron Saint of the Montenegrin Orthodox Church, Vladika Peter I Petrovic, the person who effectively obtained independence for Montenegro, and to whom is attributed the creation of the modern Montengrin State.

The Order of Saint Peter is the House Order of the Royal House of Montenegro and the present Grand Master is H.R.H. Crown Prince Nikola of Montenegro and the Grand Chancellor is John Gvozdenović Kennedy.

The Order consists of a single class, and is normally reserved for members of the Royal Family and their kinsmen and in exceptional circumstances prominent foreign citizens.

Living recipients
H.R.H. Crown Prince Nikola II of Montenegro (Grand Master)
H.R.H. Hereditary Prince Boris, Grand Duke of Grahavo and Zeta (Vice-Grand Master)
H.R.H. Princess V�ronique of Montenegro, Grand Duchess of Grahavo and Zeta
H.R.H. Princess Altinai of Montenegro
H.H. Prince Nicholas Romanovich of Russia
H.S.H. Prince Dimitri Romanovich of Russia
H.R.H. Vittorio Emanuele of Savoy, Prince of Naples
H.R.H. Marina of Savoy, Princess of Naples
H.R.H. Emanuele Filiberto of Savoy, Prince of Venice
H.E. John Gvozdenović Kennedy (Grand Chancellor)