The Arena of Stars became the venue for the Astro Wah Lai Toi Drama Awards 2008 on 21 February 2009 for the second time in Genting Highlands. The 5th annual drama awards which was organised by Astro showcased a star-studded line up of top Hong Kong TVB Stars and was telecast live over Astro Wah Lai Toi.

The line up of the program included the awards of 11 categories chosen from TVB Drama Serials shown on Astro Wah Lai Toi in 2008. The list of awards were:

1. The Favorite Character

2. The Favorite Drama

3. The Favorite Theme Song

4. The Favorite Leading Actor

5. The Favorite Leading Actress

6. The Favorite Scene Stealer

7. The Favorite Couple

8. The Unforgotten Moment

9. The Favorite Bizarre Character

10. The Favorite On Screen Kiss

11. The Favorite Villain