The prize was first awarded in 1912, on the occasion of the hundredth anniversary of the death of Heinrich von Kleist.
The Kleist Prize was the most important literary award of the Weimar Republic, but was discontinued in 1933.
In 1985 the prize was awarded for the first time in over fifty years.
A monetary sum of €20,000 accompanies the award.
Listings of the Kleist Prize winners are maintained by the Kleist-Archiv Sembdner.