The academy awards scholarships to music students annually, currently totalling 5–7 million Swedish kronor. Approximately 110 scholarship funds are administered by the academy. Some of the most well known donations include those contributed by Jenny Lind (1848), Christina Nilsson (1924) and Nicolai Gedda (first awarded in 1984). The academy further has two apartments in Paris at its disposal, which are available for use by award winners.

The Bernadotte Programme is a collaboration between the Royal Swedish Academy of Music, the Royal Swedish Academy of Fine Arts, Royal Swedish Academy of Letters, History and Antiquities, the Swedish Academy and the Royal Gustavus Adolphus Academy for Swedish Folklore Studies. The programme offers mentored enrichment and development opportunities for researchers and younger artistic practitioners within the academy's areas of interest.