The International Festival of Children’s Theatres is an event of selective and competitive nature, and the awards are decided by a five-member international jury composed of prominent world theatre artists and theorists. Jury members are appointed by the Festival Council following a proposal from the Festival director.

The following awards are given to official selection performances:

1. Grand Prix of the Festival for the Best Performance
2. Prize for the Best Direction
3. Prize for the Best Stage Design
4. Prize for the Best Original Music
5. Prize for the Best Puppet Design
6. Prize for Acting Skills (5 equal prizes)

Participants in accompanying programmes and organizations and individuals who contribute to success of the Festival are awarded diplomas or certificates of appreciation.

Besides those mentioned above, each year the Festival presents The Little Prince Life Achievement Award to the chosen prominent artists and theatre scientists who have made exceptional contributions to the development of culture and theatre arts for children. The Little Prince Award is in the form of artistic sculpture created by the prominent Montenegrin sculptor Mijo Mijuškovic from under the fortress of Nehaj (Sutomore, Montenegro).