Established in 2014, the Kirkus Prize bestows US$150,000 annually.

Three authors are awarded US$50,000 each, divided into three categories: Fiction, Nonfiction, and Young Readers' Literature.

However, self-published books are not eligible based on their date of publication but rather the date of publication of their online review by Kirkus Reviews.

The editors and staff of Kirkus Reviews evaluate each of the nominated books, conducting a first round of eliminations.

The panels of judges then decide upon six finalists in each of the three categories.