It is named after British author Arthur C. Clarke, who gave a grant to establish the award in 1987.

[2] Any "full-length" science fiction novel written or translated into English is eligible for the prize, provided that it was first published in the United Kingdom during the prior calendar year.

There is no restriction on the nationality of the author, and the publication history of works outside the United Kingdom is not taken into consideration.

Books may be submitted for consideration by their publishing company, and, beginning in 2016, self-published titles have been eligible with certain qualifications.

The judges form a shortlist of six works that they feel are worthy of consideration, from which they select a winning book.