SLS awards prizes annually to authors and scholars who write in Swedish in Finland or write about the Swedish culture in Finland.
The largest prize, the Karl Emil Tollander Prize, is awarded in conjunction with the SLS annual celebrations on 5 February. The donation fund is named after banker Karl Emil Tollander (1854–1911) and the prize was awarded for the first time in 1913. The Tollander Prize is awarded for lifetime achievements in fiction or scholarship and since 1970 it has been the largest prize awarded by SLS.
The Councillor of State Mauritz Hallsberg’s Prize is awarded annually on 16 May to a scholar for an eminent scholarly work in Swedish published in Finland.
Since 2016, SLS also awards young students. The SLS Student Prize is awarded annually in June to pupils in Swedish-speaking upper secondary schools in Finland. The prize is awarded for the best performance in the The Matriculation Examination in the subjects mother tongue (Swedish), history and social studies.