The Kavli Prize was established in 2005 as a joint venture of the Norwegian Academy of Science and Letters, the Norwegian Ministry of Education and Research, and the Kavli Foundation. It honors, supports, and recognizes scientists for outstanding work in the fields of astrophysics, nanoscience and neuroscience. Three prizes are awarded every second year. Each of the three Kavli Prizes consists of a gold medal, a scroll, and a cash award of US$1,000,000. The medal has a diameter of 70 millimetres (2.8 in), a thickness of 5 millimetres (0.20 in), and weighs 311 grams (11.0 oz).

The Norwegian Academy of Science and Letters is a learned society based in Oslo, Norway. Its purpose is to support the advancement of science and scholarship in Norway.