It is awarded annually by the Portuguese Direção-Geral do Livro, dos Arquivos e das Biblioteca[1] (National Book, Archive an Libraries Department) and the Brazilian Fundação Biblioteca Nacional[2] (National Library Foundation) to the author of an outstanding oeuvre of work written in Portuguese.

This award is considered the premier literary prize in the Portuguese-speaking world and is granted on the basis of the entirety of one's work.

[3] The Camões Prize is awarded annually, alternating between the two countries, and based on decision of a specially designated jury.

The award consists of a cash amount resulting from the contributions from Brazil and Portugal, and is set annually by mutual agreement.

The Camões Prize was first introduced by the Additional Protocol to the Cultural Agreement between the Government of the Portuguese Republic and the Government of the Federal Republic of Brazil, dated 7 September 1966, which creates the Camões Prize, signed in Brasilia on 22 June 1988, and approved in Portugal by Decree No.