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Compared with some other prizes, the Prize nomination and selection process is long and rigorous. This is a key reason why the Prizes have grown in importance over the years to become the most important prizes in their field.

The Nobel laureates are selected by their respective Nobel Committees. For the Peace Prize, the Norwegian Nobel Committee consists of five members elected by the Norwegian Storting (the Norwegian parliament). In its first stage, several thousand people are asked to nominate candidates. These names are scrutinized and discussed by experts in their specific disciplines until only the winners remain. This slow and thorough process is arguably what gives the prize its importance.

Forms, which amount to a personal and exclusive invitation, are sent to about three thousand selected individuals to invite them to submit nominations. For the peace prize, inquiries are sent to such people as governments of states, members of international courts, professors and rectors at university level, former Peace Prize laureates, current or former members of the Norwegian Nobel Committee, among others. The Norwegian Nobel Committee then bases its assessment on nominations sent in before 3 February.

The names of the nominees are never publicly announced, and neither are they told that they have been considered for the Prize. Nomination records are sealed for 50 years. In practice, some nominees do become known. It is also common for publicists to make such a claim, founded or not.

After the deadline has passed, the nominations are screened by committee, and a list is produced of approximately 200 preliminary candidates. This list is forwarded to selected experts in the relevant field. They remove all but approximately 15 names. The committee submits a report with recommendations to the appropriate institution. The institution members then select prize winners by vote.

Recognition time lag

The interval between the accomplishment of the achievement being recognized and the awarding of the Nobel Prize for it varies from discipline to discipline. The prizes in Literature are typically awarded to recognize a cumulative lifetime body of work rather than a single achievement. In this case the notion of "lag" does not directly apply. The prizes in Peace, on the other hand, are often awarded within a few years of the events they recognize. For instance, Kofi Annan was awarded the 2001 Peace Prize just four years after becoming the Secretary-General of the United Nations.