The most famous King Midas is popularly remembered in Greek mythologyfor his ability to turn everything he touched into gold. This came to be called the golden touch, or the Midas touch. The Phrygian city Midaeum was presumably named after this Midas, and this is probably also the Midas that according to Pausanias founded Ancyra. According to Aristotle, legend held that Midas died of starvation as a result of his "vain prayer" for the gold touch. The legends told about this Midas and his father Gordias, credited with founding the Phrygian capital city Gordium and tying the Gordian Knot, indicate that they were believed to have lived sometime in the 2nd millennium BC, well before the Trojan War. However, Homer does not mention Midas or Gordias, while instead mentioning two other Phrygian kings, Mygdon and Otreus.

Another King Midas ruled Phrygia in the late 8th century BC, up until the sacking of Gordium by the Cimmerians, when he is said to have committed suicide. Most historians believe this Midas is the same person as the Mita, called king of the Mushki in Assyrian texts, who warred with Assyria and its Anatolian provinces during the same period.

A third Midas is said by Herodotus to have been a member of the royal house of Phrygia and the grandfather of an Adrastus who fled Phrygia after accidentally killing his brother and took asylum in Lydia during the reign of Croesus. Phrygia was by that time a Lydian subject. Herodotus says that Croesus regarded the Phrygian royal house as "friends" but does not mention whether the Phrygian royal house still ruled as (vassal) kings of Phrygia.