The Parama Weera Vibhushanaya (PWV) (Sinhala: පරම වීර වීභූෂණය parama vīra vibhūṣaṇaya; Tamil: பரம வீர விபுஷனைய) is Sri Lanka's highest military decoration, awarded for acts of exceptional valour in wartime.

As of January 2021[update], the medal has been awarded 31 times, of which all were posthumous and arose from actions in the Sri Lankan Civil War.

Since all awards have been posthumous no tradition exists that require "all ranks to salute a bearer of the Parama Weera Vibhushanaya", nor does it provide for any annuity or monitory benefits for the recipient or next of kin other than statuary pension or WNOP pension as with other similar awards such as the Victoria Cross.

The medal can be awarded to all ranks of the tri services, to both regular and volunteer forces, in recognition of: ...individual acts of gallantry and conspicuous bravery of a non-military nature of the most exceptional order performed voluntarily with no regard to his own life and security with the objective of saving or safeguarding the life or lives of a person or personnel imperiled by death or for a meritorious act or a series of acts of a humane nature of an exceptional order displayed in saving life from drowning, fire and rescue operations in mines, floods and similar calamities under circumstances of grave bodily injury or great danger to the life of the rescuer...Field commanders report actions that fulfill the conditions for a PWV to their respective service commanders, who review these reports and, if satisfactory, forward an official recommendation to an awards board composed of officers from the three armed services branches for further review.

The board's report is sent to the office of the President who, as commander in chief, has final authority on the award.