The program started on August 21, 1988, with its first anchor Kabayan Noli de Castro. The program's aim is to expose illegalities of some Philippine government officials as well as to render public service to the Filipinos. It continues to hold the title for the leading and longest public service program in the Philippines. The program was styled in the lines of U.S. news magazine programs 60 Minutes and Dateline. The program was also known for its famous Halloween specials featuring various horror stories from in and around the Philippines. After de Castro's election to the Vice President of the Philippines in 2004, the program brought in new hosts Kat de Castro, Erwin Tulfo and Henry Omaga-Diaz. However, in 2005, the program was reformatted when the hosts are on their way to the different locations outside the studio. The program aired its final episode on New Year's Eve December 31, 2005, after 17 years of broadcast.
;Guest hosts If De Castro could not make it to the program due to his absence, the staff hires the famous media personalities to guest host in the program. Some of the guest hosts fills in for him were only good for an episode. After De Castro's to the Vice President of the Philippines in 2004. The program and he replaced by the new host of De Castro, Tulfo and Omaga-Diaz.
MGB has been loved by many Filipinos and foreigners due to its Halloween Specials or Undás episodes. Majority have praised the re-enactments of paranormal incidents and the theatrics used for the Undas Special's ominous atmosphere. Some stories that have been featured are Manila Film Center, Baguio, Clark Air Base, University of the Philippines campuses in Diliman and Los Banos, Tugatog Cemetery, Laperal White House, Malacañang Palace, Corregidor, Philippine School for the Deaf and many others, each segment featuring De Castro standing in the said haunted locations for introductions and endings of each segment. The following haunted locations have served as the studio settings for the Halloween Specials of the show. 1. Magandang Gabi Bayan with Noli de Castro
During Undas 2006, a similarly-styled version, entitled "Kaba, Kutob, Kilabot: Mga Kwentong Kababalaghan", premiered on ABS-CBN. Katherine De Castro returned as the show's host with veteran actor and director Albert Martinez as the guest host. This special featured the 1995 Marivic Chan rape-slay case, Silliman University, a topic on demonic possession, and Judge Florentino Floro, who is known as the "Healing Judge".
