The award was created on December 16, 1976, by President Ferdinand Marcos through Presidential Decree Nos.

It is the President of the Philippines who makes the ultimate selection, which is based on "distinguished individual or collaborative achievement in science and technology.

"[3] Awardees are conferred the rank and title of National Scientist, with an accompanying medallion and citation.

[3] In addition, they are entitled to the same privileges enjoyed by National Artists of the Philippines, which include a monthly life pension, medical and hospitalization benefits, and a place of honor, in line with protocular precedence, at national state functions.

Honorees such as the Ramon Magsaysay Award recipient pediatrician Fe del Mundo, have garnered international recognition as well.