The competition's first prize, called the Mixon First Prize, includes $50,000—the biggest cash prize at any piano competition—two years of management services, a series of engagements including a debut performance at New York's Alice Tully Hall at Lincoln Center, and a recording on the label Naxos.

Second, third, and fourth prize receive $25,000, $15,000, and $10,000, respectively. Prizes are also awarded for the best performances of a Baroque composition, and of work by Beethoven, Chopin, Mozart, an American work composed after 1944, and a contemporary composition.

The Cleveland International Piano Competition was founded in 1975. Previous winners include Jean-Ives Thibaudet, Benedetto Lupo, Philippe Bianconi, Angela Hewitt, Sergei Babayan, Ilya Itin, Antonio Pompa-Baldi, and Roberto Plano.