The Prince of Asturias Foundation was constituted in the city of Oviedo (Asturias) on 24 September 1980, in a solemn event chaired by His Royal Highness The Prince of Asturias, when he was 12 years old, accompanied by his parents, Their Majesties The King and Queen of Spain. .

The Foundation is a private, non-profit-making institution whose main goals are consolidating the existing links between the Principality of Asturias and the Prince of Asturias, and contributing to enhancing and promoting the scientific, cultural and humanistic values that are world heritage. To this end, the Prince of Asturias Awards were created in 1981; His Royal Highness Felipe de Borbón, Honorary President of this institution, presents these Awards every autumn at the Campoamor Theatre in Oviedo. These international Awards are granted in eight categories: Arts, Social Sciences, Communication and Humanities, International Cooperation, Technical and Scientific Research, Literature, Sports, and Concord.

The Awards ceremony is considered one of the most important cultural events on the international agenda.

In keeping with its endeavour to contribute to promoting culture, the Prince of Asturias Foundation created, in 1983, the Music Department, which includes three choral groups (Choir, Youth Choir and Children's Choir), whose honorary conductors are Jesús López Cobos and Krysztof  Penderecki, and an International Music School.