The Journal has since the 2009 volume handed out the Babylon prize of 5000 Norwegian kroner. The prize is awarded to the best contribution from the younger researchers in the previous volume. A committee composed of the editorial board and the editor is responsible for the awarding of the prize at the spring release party.
- Babylon prize 2009: Solveig Riiser, Forhandlinger i Divanorkesteret
- Babylon prize 2010: Jon Nordenson, We want five!
- Babylon prize 2011: Einar Wigen, Landsmann, snakk tyrkisk!
- Babylon prize 2012: Joakim Parslow, Politikk og kriminalitet i det nye Tyrkia
- Babylon prize 2013: Jørgen Jensehaugen og Anja Sletteland, Betingelsesløs fred: Forhandlinger i forkledning