The International Cricket Council (ICC) ranks the ODI playing nations by giving them a rating which is based on the number of wins, losses, and draws they achieve in comparison to the number of matches they play.
Unlike the Test rankings, the ICC does not award a trophy, or a mace of any kind to the top side at the end of the year. Instead, they are awarded with the ICC ODI Championship shield, which features an inner circle of gold-coloured metal and is surrounded by a ring of silver-coloured metal.
The Indian cricket team, who are on top of the ICC Test rankings, top the ODI rankings as well, with 123 rating points to their name. They have been in sensational form over the past couple of years or so, their most recent success coming against South Africa, where they won the six-match ODI series 5-1.
They also defeated England, New Zealand, West Indies, and Sri Lanka last year.
South Africa and England, who have the same rating, are separated because of the number of matches played, with the former having played a few number of matches.
The Australian cricket team have spent maximum time on top of the rankings since the turn of the millenium. They were unbeatable from 1999-2007, winning three world cups in a row, becoming the first team to ever do so. It was known as the "Golden Era" of Australian cricket. However, since then, they have been challenged by India, South Africa, and England, with the former two teams going on top of the rankings on many occasions.