The creation of the Prize was approved on 27 October 2014 by the 195th session of the Executive Board of UNESCO. Awarded every two years, the Prize is intended to reward the efforts of a person, group of people or international institution that has contributed to the development of knowledge and society through art, teaching and research in social sciences and humanities. It is meant to promote pioneering initiatives that may contribute to the development, diffusion and consolidation of the values of humanity.

The Prize was inspired by the life from one of the founding members of UNESCO and Director-General of the Organization from 1948 to 1952. Eminent poet, novelist, essay writer and diplomat, Jaime Torres Bodet was graduated from the National Autonomous University of Mexico (UNAM).  He struggled for international social justice and against illiteracy. He promoted the reconstruction of the educational system, reinforced the importance of the Organization in the world, encouraged the access of women to education, and supported cultural development as a condition for international peace.

The winners of the Prize receive a monetary award of 50,000 US dollars. This Prize highlights the close links between UNESCO and the National Autonomous University of Mexico.