In this paper we introduce a new functional on the space of \(G_2\) -structures which we call the \(G_2\) –Hilbert functional. It is uniquely determined by a few basic principles inspired by the Einstein–Hilbert functional in Riemannian Geometry, and it has similar variational behaviour to it. For instance, torsion-free and nearly \(G_2\) -structures are saddle critical points of the volume-normalized \(G_2\) –Hilbert functional. This allows us to uniquely distinguish two new flows of \(G_2\) -structures, which can be considered as analogues of the Ricci flow in \(G_2\) -geometry.