Until 1997, the awards were managed directly by the Department of Cultural Affairs of the Government of Kerala.

Since 1998, the awards have been constituted by the Kerala State Chalachitra Academy, an autonomous, non-profit institution functioning under the Department of Cultural Affairs.

[3] Throughout the years, accounting for ties and repeat winners, the Government of Kerala has presented a total of 51 Best Story awards to 44 different writers.

The recipients receive a figurine, a certificate, and a cash prize of ₹50,000 (US$580).

As of 2020, the only writer to have won the prize in consecutive years is Padmarajan, in 1978 and 1979.