The Gutenberg Prize is traditionally awarded on the Saturday of the "Mainzer Johannisnacht" by the mayor of the state capital of Mainz and the president of the International Gutenberg Society during the regular general meeting of the International Gutenberg Society.

The candidates for the Gutenberg Prize are nominated by a board of trustees consisting of the mayor or his representative, one representative each from the city council factions represented on the council committees, the director of the Gutenberg Museum, three representatives of the Gutenberg Society, including a representative of the graphic arts industry, the President of Johannes Gutenberg University Mainz, and the Director of the Institute for Book Studies at Johannes Gutenberg University, as well as the City Councilor for Culture of the City of Leipzig and one additional prominent figure to be nominated by Leipzig.

The prize honors individuals who are involved in the field of technological history, design, scientific research, and the dissemination of books in the tradition of Gutenberg. Well-known typographers such as Hermann Zapf, scientists such as Prof. Dr. Robert Darnton, the inventor of the e-book, Prof. Dr. Joseph M. Jacobson, and the scientist and writer Prof. Dr. Umberto Eco are among the prize winners.