It was established in 1917 by provisions in the will of Joseph Pulitzer, who had made his fortune as a newspaper publisher, and is administered by Columbia University. 

Newspaper publisher Joseph Pulitzer gave money in his will to Columbia University to launch a journalism school and establish the Pulitzer Prize. It allocated $250,000 to the prize and scholarships. He specified "four awards in journalism, four in letters and drama, one in education, and four traveling scholarships." After his death on October 29, 1911, the first Pulitzer Prizes were awarded June 4, 1917 (they are now announced in April).

Prizes are awarded annually in twenty-one categories: Public Service, Breaking News Reporting, Investigative Reporting, Explanatory Reporting, Local Reporting, National Reporting, International Reporting, Feature Writing, Commentary, Criticism, Editorial Writing, Editorial Cartooning, Breaking News Photography, Feature Photography, Fiction, Drama, History, Biography or Autobiography, Poetry, General Nonfiction and Audio Reporting (added in 2020).  In twenty of the categories, each winner receives a certificate and a US$15,000 cash award (raised from $10,000 in 2017). The winner in the public service category is awarded a gold medal.

According to en.wikipedia.org