A prize is an award to be given to a person or a group of people to recognise and reward actions or achievements. Official prizes often involve monetary rewards as well as the fame that comes with them. Some prizes are also associated with extravagant awarding ceremonies, such as the Academy Awards.

Prizes are also given to publicize noteworthy or exemplary behaviour, and to provide incentives for improved outcomes and competitive efforts. In general, prizes are regarded in a positive light, and their winners are admired. However, many prizes, especially the more famous ones, have often caused controversy and jealousy.

Specific types of prizes include:

• Hierarchical prizes, where the best award may be, for example, the "first prize", "grand prize", or "gold medal", and subordinate awards may be called "second prize", "third prize", etc., or "first runner-up" and "second runner-up", or "silver medal" and "bronze medal".
• "Consolation prize": an award given to those who do not win an event but are deserving of recognition. (See also: parting gift)
• "Booby prize": typically awarded as a joke or insult to whoever finished last. See wooden spoon (award).
• "Purchase prize" or "acquisition prize": a monetary prize given in an art competition in exchange for the winning work.