The prize can be awarded to one or more mathematicians who work at a German university or research institution, provided that the stay is not temporary.
It recognizes "outstanding, pioneering and published research results in the field of pure mathematics".
The award is named after Karl Georg Christian von Staudt, who held the chair of mathematics at the University of Erlangen.[when?]
The Otto and Edith Haupt Foundation donated the capital for the prize money.
Otto Haupt was one of Staudt's successors to the chair in Erlangen.