In 1986, Neugebauer was awarded the Balzan Prize "for his fundamental research into the exact sciences in the ancient world, in particular, on ancient Mesopotamian, Egyptian and Greek astronomy, which has put our understanding of ancient science on a new footing and illuminated its transmission to the classical and medieval worlds. For his outstanding success in promoting interest and further research in the history of science" (Motivation of the Balzan General Prize Committee). Neugebauer donated the prize money of 250,000 Swiss francs to the Institute for Advanced Study.