The highest rank of the Order is Knight of the Collar. There may be only eleven knights and the Grand Master at any one time. It is an honor held for life and is reserved for those of the highest esteem from within the Order and from the world at large. The most recent vacancy, for example, occurred at the death of Baudouin of Belgium, who, although a member of the Order, would be more commonly viewed as from "the world at large" because of his sovereign, royal status.

The insignia of this rank is the chain, or collar. Pius XII founded this new class of highest precedence in the Order that took the name "collar." It can best be described as a red enamel Jerusalem cross suspended from a silver military trophy. On the cross itself is a golden medal with the image of Godfrey de Bouillon. Surrounding the cross, in a manner that encircles it entirely, are golden palm leaves, symbolic of the Palm of Jerusalem used to welcome Christ. The chain comprises six medallions of gold, on which are worked in red the Jerusalem cross. Between each medallion are two interlocking rectangular plaques: On the first is the word DEUS; on the second, the words LO VULT, the motto of the Equestrian Order.

A star (placca) accompanies this award. It is an eight-rayed star, often set in diamonds, otherwise worked in silver. A medallion of gold and enamel in the center reproduces the insignia with green palm leaves surrounding a red Jerusalem cross and the likeness of Godfrey de Bouillon in gold above it.

The insignia of Knights and Dames of the Grand Cross is identical to that of all the classes, as described above. The sole difference is the size of the insignia, which is two times the size of that of the other ranks. It is also suspended from the cordon, or black watered-silk ribbon, worn over the left shoulder, resting on the right hip. The star of the Order is identical to that presented to members of the class of Knight of the Collar. Knight Commanders and Dame Commanders with star suspend their insignia from the black ribbon. For gentlemen as described above, the insignia is surmounted by a military trophy and is worn at the neck. For ladies, it is surmounted by a red enamel bow and is suspended from a larger bow of black watered silk and worn high on the left breast. The star for both is worn on the left side below the breast. Knight Commanders and Dame Commanders wear the same insignia as the Knight Commanders and Dame Commanders with star, but they are not entitled to the star, as this is a special award and class in itself.

Finally, the rank of Knight and Dame: The insignia of this class is worn on the left breast, gentlemen in military fashion and ladies with a much smaller black bow of watered silk to differentiate them from the higher class of award and membership.