It was established in 1988 to commemorate the successful hosting of the 24th Seoul Olympics, to sublimate and develop the spirit of human harmony and world peace, and to realize the peace of the divided Korean people.
The Seoul Peace Prize Foundation, which was established with 10 billion won out of the surplus for the Seoul Olympics, is in charge of hosting and awarding the event.
The award is given every two years to individuals or organizations that have greatly contributed to human harmony and world peace in all areas of the world, transcending the nation, race, religion, and ideology.
The first winner of the 1990 Seoul Peace Prize was IOC President J. A. Samaranch, who was awarded a certificate of merit and $300,000 in prize money.