The Award aims to encourage promising students with outstanding academic, extra-curricular and community service achievements, and morality.

[5] Before 2011, applicants first needed to sit for a written test that comprised questions from disciplines including languages, mathematics, logic, science, history, geography, and current issues.

Participants will have the chance to engage in in-depth discussions with renowned figures, community leaders, various organisations, as well as outstanding students from previous years and other schools.

[7] From 2016, awardees visited different places such as Guangxi, Sri Lanka, Chiang Mai, Hua Hin for the service learning trip.

[8] The winners and finalists of the Award founded the Hong Kong Outstanding Students' Association (HKOSA)[9] in 1987, a student-run organization.

[10] The organization has initiated a number of creative and innovative projects that aim to inspire other secondary school students in different ways.

HKOSA is supported by a group of honorary advisors, which include consuls general, university presidents and government officials.

The advisor list in 2022–23 includes:[13] Many winners and finalists of the Award achieved excellent results in the Hong Kong Certificate of Education Examination, with a number of them obtaining 10As and 9As.