In order to promote the purposes of the Society, the general assembly of the BJMT has founded various prizes in order to express the thanks of the members for achievements of prominent mathematicians who make outstanding contributions.

For those people prominent in the furthering of mathematical education, the Manó Beke Commemorative Prize (M. Beke was a professor of mathematics in the early years of the 20th century who did much for the reform of mathematical education) has been awarded to a maximum of seven people each year since 1950. So far, 342 prizes have been awarded, mostly to teachers of mathematics in primary and secondary schools.

The Géza Grünwald Commemorative Prize has been awarded every year since 1953 to successful young researchers in mathematics (up to a maximum of four per year).

The Tibor Szele Commemorative Medal (T. Szele was a very successful research worker in algebra who died very early in 1955 as a result of an infection) was founded in 1970 and is distributed (at most one medal every year) to mathematicians who are outstanding in forming a school of researchers in some field of mathematics. So far, 35 medals have been awarded.

The Kató Rényi Commemorative Prize (K. Rényi was the wife of Alfréd Rényi and an eminent research worker in analysis as well as being very successful in encouraging young university students in their research into some branch of mathematics; she died rather young in 1970) is distributed to at most eight university students every year who do outstanding work in mathematics research. The prize was founded in 1973.

The Gyula Farkas Commemorative Prize (Gy. Farkas was a professor in Kolozsvár at the end of the 19th century and one of his results had a considerable impact on linear programming) has been awarded every year since its foundation in 1973 (up to a maximum of four prizes every year) to young researchers who are successful in some field of applied mathematics.

The Prize of the Patai Foundation is given to young mathematicians (at most one each year since 1986) who have already found remarkable results in some area of mathematical research.