The award honors significant recent achievements in cultural fields and works by artists or art collectives. The honorees may be citizens of Lithuania or members of the Lithuanian World Community. When the award was first established, works accomplished during the previous five years were considered; this period was extended to seven years in 2008. The candidacies are open each year until September 15, and the winners are announced on December 15. Each "Lithuanian National Prize" consists of a memorial sign, a diploma, and a monetary grant (circa 104,000 litas). A single person can only receive the National Prize once.