Rajiv Gandhi Khel Ratna Award is considered to be the highest recognition in the world of sports in India. The phrase "Khel Ratna" means "sports prodigy." The award is christened after the name of late prime minister of India Rajiv Gandhi. The prestigious sports award includes a scroll of honor, a medal and huge cash prize of 7.5 lakh Indian rupees. Initiated in the year 1991, after the demise of the youngest former prime minister of India, the Khel Ratna Award is considered to be more prestigious than the Arjuna Award. It aims to honor outstanding athletes in various sports categories. 

The first awardee of Rajiv Gandhi Khel Ratna award was Vishwanathan Anand, the world chess champion and the last awardees includes Yogeshwer Dutt and Vijay Kumar.

Rajiv Gandhi Khel Ratna award is restricted to only one award, so it cannot be awarded to more than one person in a year; however team events are exceptions so in case the team receives the Award, then all the team members would receive the award. In case the Selection Committee is not able to decide the deserving candidate for a specific year, the award may be canceled for that particular year.

The cash prize associated with the Award is exempted from income tax for a year. The cash prize is divided among the team members in case the awardee for a particular year is a team instead of an individual. A blazer, a tie/scarf and reimbursement of travel allowances are part of the benefits offered by the Sports Ministry to the awardees. The cash prize can be in any form chosen by the government such as hard cash, in units or even saving certificates.

This award is not provided for those games, which are not included in Commonwealth Games, Asian Games, and Olympics. The aim behind the award is to honor the sportsmen and to help them live with dignity and pride and to motivate them to excel at the international sports events. It also aims to popularize sports culture in the country.