Lee & Low was founded in 1991 by Chinese Americans Tom Low and Philip Lee as a children's book publisher specializing in books featuring people of color and one of the few minority-owned publishing companies in the United States.

[7] In 2015, Lee & Low Books partnered with St. Catherine University and Assistant Professor Sarah Park Dahlen[8] to conduct the Diversity Baseline Survey (DBS).

[11] In 1994, Lee & Low began to publish Spanish/English bilingual books and Spanish translations of many of their English titles.

Tu Books publishes middle grade and young adult science fiction, fantasy, and mystery featuring people of color or set in worlds inspired by non-Western folklore or culture.

The award is open to any United States resident of color who has not had a children's picture book published previously.