The $50,000 Victoria Prize and six $18,000 Victoria Fellowships have been awarded annually since 1998. The awards program is one of the richest and most prestigious in Australia.

The Victoria Prize is awarded annually to an individual whose scientific discovery or technological innovation has significantly advanced knowledge or has potential to lead to a commercial outcome or other benefit to the community.

The Victoria Fellowships are open to young Victorians working in science, engineering or technology in industry or as a postgraduate about to complete their studies.

Applications for the 2011 Victoria Prize and Victoria Fellowships have now closed.