The ACLA awards nine annual prizes:
- Aldridge Prize Annual paper competition for graduate students
- Bernheimer Prize Outstanding dissertation in comparative literature
- Frenz Prize Best graduate student paper at the Annual Meeting
- Harry Levin Prize Best first book in comparative literature
- René Wellek Prize Best book overall in comparative literature
- Presidential Prizes Master's thesis and undergraduate essay prizes
- Tartar Book Subvention Publication subvention for first-book ACLA authors