The QEPrize is funded by donations from the following international companies: BAE Systems, BP, GSK, Hitachi Ltd., Jaguar Land Rover, National Grid, Nissan Motor Corporation, Shell, Siemens UK, Sony, Tata Consultancy Services, Tata Steel and Toshiba.

The Queen Elizabeth Prize for Engineering is awarded for engineering-led advances that are judged to be of tangible and widespread benefit to the public.

[4] The judging panel works from the information provided in the nomination, comments from referees and any additional information required in order to establish which nomination most fully meets the following prize criteria: The winner(s) of the QEPrize are announced every year by the Chairman of the QEPrize Foundation.

On 25 June the winners received their award from Queen Elizabeth II in a ceremony at Buckingham Palace in front of an audience that included the leaders of the UK's three main political parties, QEPrize judges, and a number of young engineers.

The Chair of Judges include: Lord Alec Broers (2013–2015), Sir Christopher Snowden (2015–2021) and Professor Dame Lynn Gladden (2022–present).

The QEPrize is a major funder of the Engineers' Gallery which opened in June 2023 in the Science Museum, London.

[17] The competition is open to those aged between 14 and 24, and is intended to encourage young people to develop 3D design skills.

His design, "The Golden Crown", was developed into a final form by BAE Systems and presented to Dr Robert Langer, the winner of the 2015 QEPrize.