Prize/praɪz/ Definition 1 of 3Pro Tip 1/3Recognition Context Use 'prize' to reference a tangible or symbolic reward for an achievement or win. The prize for the poetry contest is a published book. Pro Tip 2/3Competitive Success 'Prize' implies success in a competitive setting, often against others. After the race, the first-place runner received a cash prize. Pro Tip 3/3Motivational Tool 'Prize' can indicate an incentive used to motivate people to take part in an event. The company offered a car as a prize to the best salesperson.