The Noble Peace Prize goes to Colombian president Juan Manuel Santos.
The feat comes after his efforts to end a 52-year conflict with left-wing rebels.
President Juan Manuel Santos signed a peace agreement on September 26 between the Colombian government and left-wing Farc rebels.
The effort was in a bid to put an end to more than a five-decade conflict which has seen an estimated 260, 000 people dead. The conflict has also lead to internally displaced millions.
President Juan Manuel was praised by the Nobel committee in Norway for signing the agreement with Farc rebels after four years of negotiations.
“The Norwegian Nobel Committee has decided to award the Nobel Peace Prize for 2016 to Colombian President Juan Manuel Santos for his resolute efforts to bring the country's more than 50-year-long civil war to an end,” said the committee chairwoman Kaci Kullmann Five.
In a citation after the Noble committee made the announcement on Friday in Oslo, the committee said:
“His [Juan Manuel] resolute efforts to bring the country's more than 50-year-long civil war to an end, a war that has cost the lives of at least 220 000 Colombians and displaced close to six million people."
“The award should also be seen as a tribute to the Colombian people who, despite great hardships and abuses, have not given up hope of a just peace, and to all the parties who have contributed to the peace process. This tribute is paid, not least, to the representatives of the countless victims of the civil war," the citation added.
The Nobel Peace Prize is known as one of the five Noble prizes given by Swedish industrialist and inventor Alfred Noble.
Individuals who play a critical role in promoting peace are mostly qualified to earn this price.