The Polar Music Prize is called by some the unofficial Nobel Prize for music. 

King will receive the honor from Sweden's King Carl XVI Gustaf during a ceremony in Stockholm on May 24, 2004.  King will perform at Stockholm Concert Hall May 22 in connection with the honor. 

In the official citation, the academy praised King for his "total dedication to his music, a rich recording history and tireless touring lasting more than half a century have made him one of the most prominent figures within the blues".  They also praised him for "his achievements in spreading the blues throughout the world [which] proved of fundamental importance to the development of modern popular music".

In 1989 Stig Anderson, the late manager and lyricist for ABBA, founded The Polar Music Prize when he donated a substantial amount of money to the Royal Swedish Academy of Music to create the honor. As part of their prize, the recipients receive one million Swedish Crowns. 

King will join the ranks of past recipients that include Paul McCartney, Dizzy Gillespie, Quincy Jones, Elton John, Joni Mitchell, Bruce Springsteen, Ray Charles, Ravi Shankar, Stevie Wonder, Bob Dylan, Burt Bacharach, and Robert Moog.