In even-numbered years, the American Chemical Society selects the prize recipient and presents the prize. In odd-numbered years, The American Physical Society selects the prize recipient and presents the prize. An allowance is provided for travel expenses of the recipient to the meeting of the Society at which the prize is to be bestowed. This prize is made to one person who has made an outstanding contribution in the field of chemical physics or physical chemistry within the ten years prior to the prize. The prize is granted without restriction, except that the recipient must be a resident of the United States at the time of selection and the prize funds must be used in the United States or its possessions.
Nominations are active for three years.
The Irving Langmuir Prize in Chemical Physics is not presented in 2002.