The Interpretation Prize, The Folk Music Prize, The Jazz Prize and the The Composer’s Prize are the academy's four most prestigious prizes, and are awarded biannually at the academy's formal banquet for outstanding contributions within each field.
The Soloist Prize is Sweden's foremost soloist competition, and the Royal Swedish Academy of Music's largest prize for younger musicians. It is awarded biannually. In addition to a financial award, the prize includes a two-year residence as in-house artist at the Swedish Radio's P2 channel, a chamber music tour and a series of soloist performances with orchestra throughout Sweden. The competition is arranged by the Royal Swedish Academy of Music together with the Swedish Radio, Berwaldhallen, Musik i Syd, the Gothenburg Symphony Orchestra as well as the Inge and Einar Rosenborg Fund for Swedish music.
The academy is responsible for, and grants, a long list of other scholarships, awards and prizes for deserving contributions to musical life, music education and music research. For example, the international Rolf Schock Prize in Music, the Christ Johnson Prize (Sweden's largest composer prize) and the Carin Malmlöf-Forssling Prize.
The 2022 Rolf Schock Prize in Musical Arts is awarded to the Icelandic pianist Víkingur Ólafsson “for his pioneering and successful work in developing and strengthening classical music. Ólafsson is one of the most creative and innovative musicians of our time. With each piece of music, he creates a new world, conveying both depth and brilliance, leaving a unique impression on the listener.”