The Shaw Prize was established in 2002 and was first awarded in 2004. It is awarded annually. There are three Prizes, namely, Astronomy, Life Science and Medicine, and Mathematical Sciences; each Prize amounts to US$1 million. The aim and principles of the Prize are as follows:

The Shaw Prize is an international award to honour individuals who are currently active in their respective fields and who have achieved distinguished and significant advances, who have made outstanding contributions in culture and the arts, or who in other domains have achieved excellence. The award is dedicated to furthering societal progress, enhancing quality of life, and enriching humanity’s spiritual civilization. Preference will be given to individuals whose significant work was recently achieved.