The Hang Lung Mathematics Awards is held biennially. At each competition, up to eight awards will be presented to the teams whose mathematics research projects meet the highest academic standards in terms of methodology, research, and scholarship. The eight awards are: a Gold Award, a Silver Award, a Bronze Award, and up to five Honorable Mentions.

Each award consists of four prize components: a Student Education Award, a Teacher Leadership Award, a School Development Award, and an Educator Scholarship to pursue a MSc Program in Mathematics for Educators at The Hong Kong University of Science and Technology.

In addition to the monetary prizes above, trophies and certificates will also be awarded.

All students who have participated in the Hang Lung Mathematics Awards will receive a certificate of participation, given that their submitted research reports have achieved a reasonable academic standard.