The Nobel Peace Prize is awarded in Oslo, Norway. The Nobel Prizes in Physics, Chemistry, Physiology or Medicine, Literature, and the Prize in Economic Sciences are awarded in Stockholm, Sweden. The Chairman of the Norwegian Nobel Committee presents the Nobel Peace Prize in the presence of the King of Norway on December 10 each year (the anniversary of Nobel's death). The Peace Prize is the only Nobel Prize not presented in Stockholm.

Since December 1901, The Nobel Peace Prize has been awarded annually (with some exceptions) to those who have "done the most or the best work for fraternity between nations, for the abolition or reduction of standing armies and for the holding and promotion of peace congresses".

More recently, it has been said by critics that the Peace Prize has been awarded in politically motivated ways rather than with any intention of encouraging future peace achievements. Some commentators have suggested that to award a peace prize on the basis of unquantifiable contemporary opinion is unjust or even erroneous, especially since some of the judges cannot be said to be impartial observers.

More Info: en.wikipedia.org