This award was established one year after the death of the Nobel prize-winning poet with the precise intent of acknowledging poets who characterise contemporary poetry in a particularly original way.

From 1982, its year of institution, to 2001, the prize has been awarded to Giorgio Caproni, Andrea Zanzotto, Anthony Hecht, Franco Fortini, Carlo Betocchi, Mario Luzi, Giovanni Giudici, Piero Bigongiari, Luciano Erba, Attilio Bertolucci, Nelo Risi, Alda Merini, Alessandro Parronchi, Raffaello Baldini.

Later, in 1991, the prize came to include a new section entitled "Poetry for Music", in order to give special recognition to lyrics composed for music, in the conviction that poetry also has an important outlet in this media, through which it can achieve greater communicability. From 1991 to 2001, it has been awarded to Paolo Conte, Francesco Guccini, Lucio Dalla, Franco Battiato, Bob Dylan.

For each edition a well-known actor is invited capable of giving the due level of prominence both to a number of pieces by the award-winning poet, as well as to the same Montale prize. Then, to accompany the purely literary part of the evening, the organisers have also included a musical presentation. These are a number of the personalities that through their presence have contributed to the success of the prize-giving ceremony: Giorgio Strehler, Raoul Grassilli, Raina Kabaiwanska, Federico Fellini, Giulietta Masina, Renato Bruson, Katia Ricciarelli, Margarita Zimmermann, Stephen Spender, Cecilia Gasdia, Glauco Mauri, Fernanda Pivano, Josè Carreras.

2003

Since 2003 the Librex Montale prize has been associated with several leading foreign institutions and universities (Poetry Book Society; Eigse Eireann Ireland; PEN Club Germania, Serbia, Principato di Monaco, Russia; Ceský Literární Fond; Universidad Complutense de Madrid; Princeton University; Hungarian Writers 'Association; Villa Decius Cracovia; Ministere de la Communautè Française Belgique; Drustvo Hrvat Skih Knjizevnika,Schule fur dichtung in Wien, Stichting Multiculturele Activiteiten Utrecht,Van de Vlaamse Gemeenschap…) with the intention of awarding poets at international level.