After the death of Olof Palme, his family and the Social Democratic Party founded the Olof Palme Memorial Fund, to honor his memory. The purpose of the fund is: to give young people the opportunity for international exchange and studies of peace and disarmament, support work against racism and work for international understanding and common security. Every year the Olof Palme Memorial Fund award scholarships to about 50-80 applicants, in ackordance with the Fund's purposes. Every year, a special award to individuals who have made contributions in the spirit of Olof Palme. The prize is worth 75,000 U.S. dollars.
The Olof Palme Memorial Fund accepts applications from individuals as well as the labor movement, social movements, organizations, networks, associations, trade unions, cultural groups, schools, sports clubs, music groups or playgroups. Individual applicants should be maximum 30 years old. The project should involve young people or target young. The project's purpose should be to work for one / some of the fund's three main aims: peace, international understanding, and anti-racism