The Academy invites scientists from all over the world to nominate candidates for the prize. The received nominations are then reviewed and assessed by a prize committee consisting of members from the appropriate Academy classes.

The prize should be awarded to one recipient, but may, if necessary, be divided among up to three recipients. At the same time, grant allocations are announced, and may be applied for both by individuals and by institutions in Sweden. Grant applications can be made for scientific equipment and research, publication of scientific works, scientific conferences and symposia, studies outside of Sweden for Swedish researchers, and activities to further research within the field of research covered by the prize.

On the basis of reports from the prize committee and the appropriate Academy class, decisions concerning laureate(s) and grant discipline are made by the Academy in mid-January of the year in which the prize is to be awarded.