In 1952, the founder of Editorial Planeta and Grupo Planeta, José Manuel Lara Hernández, established a novel prize with a value of 40,000 pesetas (240.40 euros), designed to recognise the value of authors in Spanish, promote their social projection, and bring their name and work closer to a wide range of citizens. The current value of the prize (1,000,000 euros for the winning work and 200,000 for the runner-up) makes it the largest in the world for unpublished novels, while both the winning and the runner-up works are repeatedly situated on the bestseller lists.

The jury of the Planeta Prize has always consisted of academics, professors, journalists, critics, and prominent figures of letters, which speaks of its demanding nature. Among the winners and runners-up are the most prominent authors of Spanish and Latin American novels, such as the Nobel literature laureates Camilo José Cela and Mario Vargas Llosa, among many others.
The Planeta Prize continues to be an event that raises great literary, social, and media expectations every 15 October and one that remains faithful to its founding objective of honouring the winning authors and expanding society's love of reading.
 

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