The Steve Martin Prize for Excellence in Banjo and Bluegrass provides the winner with an unrestricted cash prize of fifty-thousand dollars, as well as a bronze sculpture created specifically for the prize by noted artist Eric Fischl. Created to bring recognition to an individual or group for outstanding accomplishment in the field of five-string banjo or bluegrass music, the prize highlights the extraordinary musicianship of these artists and bluegrass music worldwide. The winner is determined by a board consisting of J.D Crowe, Pete Wernick, Tony Trischka, Anne Stringfield, Noam Pikelny, Alison Brown, Neil V. Rosenberg, Béla Fleck and Steve Martin.
The award is given to a person or group who has given the board a fresh appreciation of this music, either through artistry, composition, innovation or preservation, and is deserving of a wider audience. Recipients must be a professional or semi-professional and should currently be active in their careers.
The award is funded personally by the Steve Martin Charitable Foundation.