The Fulbright Prize honors the largest and most significant educational and cultural exchange program in history, as well as the career and spirit of its creator, the late Senator J. William Fulbright of Arkansas.

The prize recognizes and rewards outstanding contributions toward bringing peoples, cultures, or nations to greater understanding of others. The inaugural Fulbright Prize was awarded to former South African President Nelson Mandela in 1993.

The Prize is presented at a special ceremony during which the laureate makes a substantive address on his/her work and aspirations. Four recipients of the Fulbright Prize — Nelson Mandela, Jimmy Carter, Kofi Annan and Martti Ahtisaari — have later been named Nobel Peace Prize laureates.