The Prince of Asturias Foundation was founded in the city of Oviedo on 24th September 1980 at a formal ceremony presided over by His Royal Highness the Prince of Asturias, Heir to the throne of Spain, who was accompanied by his parents, Their Majesties the King and Queen of Spain.

The essential aims of the Foundation are to consolidate links between the Principality and the Prince of Asturias, and to contribute to encouraging and promoting scientific, cultural and humanistic values that form part of mankind's universal heritage.

The Prince of Asturias Awards were instigated to symbolise the nature and aims of the Foundation. They take their name from the title passed down through history to the Heir to the Spanish Throne, and are intended to acknowledge scientific, cultural and social work carried out at an international level, particularly within the Latin American community of nations, by individuals, work groups or institutions whose achievements are exemplary for Mankind.

The Prince of Asturias Foundation has organised the Prince of Asturias Awards since 1981. They are presented every year at a grand ceremony held in Oviedo, the capital of the Principality of Asturias, by His Royal Highness the Prince of Asturias, who is the Honorary President of the Foundation.