Symbol of high quality
Blue ribbons are typically a symbol of high quality. The association comes from The Blue Riband, a prize awarded for the fastest crossing of the Atlantic Ocean by passenger liners and, prior to that from Cordon Bleu, which referred to the blue ribbon worn by the French knightly Order of the Holy Spirit.
The spelling "blue riband" is still encountered in most English-speaking countries, but in the United States, the term was altered to "blue ribbon", and ribbons of this color came to be awarded for first place in certain athletic or other competitive endeavors (such as county and state fairs). 
It has also been applied to distinguished members of a group or commission who have convened to address a situation or problem; in these cases, the usual usage is "blue ribbon commission" or "blue-ribbon panel".
Fair competitions.
In some fair competitions in the U.S., particularly 4-H and FFA livestock and horticultural events, blue ribbons may be awarded to any project or exhibit which meets or exceeds all of a competition's judging criteria. In Canada, New Zealand and Great Britain, blue ribbons are awarded to "second" place, with red ribbons awarded to first.
The project may not necessarily be the first-place finisher, however. In such cases, a purple ribbon may be given to the champion and the second-place (or reserve) champion.
Usage as an awareness or activism ribbon.
Blue ribbons have also been used as awareness ribbons for numerous different causes. Notable examples:
References.
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