The article covers the topic of the awards institute as an integral part of the contemporary literary process. The expert assessments of prominent philologists regarding the role of literary awards are analyzed. The variety of contemporary literary awards to encourage writers is being discussed and the newly created A.S. Pushkin Lyceum as a competition for young authors is being considered as a premium event. The topics and issues of the works of some awarded authors (E. Manoilo, V. Bogdanova, A. Shalashova. M. Turbina et al.) are briefly reviewed. The work of the round table “Literary Events of the 2010–2020s” of the Department of the History of the Newest Russian Literature and Contemporary Literary Process Philological Faculty Lomonosov Moscow State University is noting. It is concluded that for the current literary process the award is an important component structuring this process.