It was presented in 1995 and annually beginning in 1997. The prize was endowed in 1993 by Drs. Russell and Marian Donnelly in memory of the unique spirit of Lars Onsager and his passion for analytical results. Nominations are accepted from all scientists of all nations regardless of geographical location. The prize is open to researchers in statistical physics covering a wide range of physical phenomena, as long as the nominee is active at the time of the award.
Nominations are active for three years.