One of the most important functions of the Academy is to recognise and stimulate talents among the active scientists and technologists of the country. In this context the Academy has adopted programme of awarding prizes (Gold Medals and Cash) annually to scientists and technologists of Bangladesh who have distinguished themselves by their outstanding scientific and technological work. There are two awards for scientists in Physical sciences including Engineering and Technology and two awards for scientists in Biological sciences including Agriculture and Medicine.
One of the awards in each of the two areas is earmarked for younger scientists below 40 years of age; the other award is for senior scientists.
The Academy also administers an Award of Gold Medal plus Tk. 25,000.00 in cash to the best scientist of the year in the country donated by the Sonali Bank of Bangladesh. The Academy selects the awardees each year on the recommendations of appropriate selection committees appointed by the Academy for the purpose.