- 1 an award that is given to a person who wins a competition, race, etc. or who does very good work She was awarded the Nobel Peace prize. He won first prize in the woodwind section. There are no prizes for guessing (= it is very easy to guess) who she was with. I won $500 in prize money. Win a car in our grand prize draw! see also consolation prize, door prize
- 2something very important or valuable that is difficult to achieve or obtain World peace is the greatest prize of all.
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