The Polar Music Prize is a Swedish international award founded in 1989 by Stig Anderson, best known as the manager of the Swedish band ABBA, with a donation to the Royal Swedish Academy of Music. The award is annually given to one contemporary musician and one classical musician. Exceptions were made in 2001, when it was awarded to three musicians, and 2003, when it was awarded only to one musician. Without any restrictions of nationality, the prize is to be "awarded for significant achievements in music and/or musical activity, or for achievements which are found to be of great potential importance for music or musical activity, and it shall be referable to all fields within or closely connected with music". The prize has been called the "Nobel Prize of Music" in Sweden.

Stig Erik Leopold "Stikkan" Anderson was a Swedish music manager, lyricist and music publisher. He was the co-founder of Polar Music, and is best known for managing the Swedish pop band ABBA.