In 2006, the Daewon Music Awards were created to foster sustainable development of Korea's classical music. Since then, the Awards have been engaged in selecting, rewarding, and honoring Koreans who have made a great contribution to the development of classical music at home and abroad.
The Awards annually select and reward classical musicians or organizations of Korean descent that have demonstrated excellent musical capability at home and abroad in areas such as instrumental and vocal music, conduction, and composing The Awards consist of the Grand Prize, the Musical Performance Prize, the Composition Prize, and the Best New Artist Prize.
In addition, the Special Awards such as Merit Prize and Encouragement Prize are also awarded, if the Board of Trustees confirms the necessity of such prizes.

In particular, the winner of the Best New Artist Prize automatically becomes a Daewon Artist Fellow. The Fellowships select and support young musicians who display great potential to become world-class classical musicians. The recipients receive scholarship
and administrative support from the Foundation for minimum one year.
In 2005, pianist Sunwook Kim was chosen as the 1st Daewon Artist Fellow, and he was supported for a period of two years.