When should you use price vs. prize? Examine their meanings and learn when to use price or prize in a sentence. This webpage provides information about the education prize money scheme for Karnataka students. The meaning of PRIZE is something offered or striven for in competition or in contests of chance; also : premium. 6 meanings: 1. a. a reward or honour for victory or for having won a contest, competition, etc b. (as modifier) 2. something.... Click for more definitions.