Since 1936, Germany has been host to just one Olympics, the 1972 Munich Summer Games.
A Munich victory would make a three-time loser of Pyeongchang, South Korea, which had bid unsuccessfully for 2010 and 2014.
"Today is not about how many times someone has bid or how long we (Germany) have been waiting," said Munich bid team member Thomas Bach, an IOC vice-president. The question is whether we "explore new territories again or go back to our foundations."
Two years ago, the IOC gave the 2016 Summer Games Rio de Janeiro, Brazil, making it the first South American host city. In 2007, the IOC chose Sochi for the 2014 Winter Games, giving them to winter sports power Russia for the first time.
After 2014, just two of 22 Winter Games will have taken place in Asia, both in Japan. Pyeongchang's bid slogan is "new horizons."
A Pyeongchang loss could be a boost for Japan, since Tokyo is expected to bid for the 2020 Summer Olympics and it seems unlikely that the IOC would vote to have consecutive Olympics in Asia.