It is a literary prize started in Viareggio in 1929 and conceived by three young friends, Alberto Colantuoni, Carlo Salsa and Leonida Repaci who directed this event until 1935. The firts purpose of the prize was that of awarding every year the best novel, and in this way it contributed to make famous in the past some of the most important 20th century names of the Italian literature, such as Giuseppe Ungaretti, Umberto Saba, Pablo Neruda (who received the very first International Viareggio Versilia Prize) and Moravia. Starting from 1975 this event was managed by the municipality of Viareggio that took off all financial burdens related to it in exchange for prestige coming from such important manifestation. That same year the international nature of the event was confirmed and it was finally called "International Viareggio Versilia Prize".
During the years, several famous artists contributed to the prize's organization by taking care about set and set design. Among them it's important to remember the name of Umberto Bonetti, well famous floats' artist, Burlamacco's father, who for many years took care of the Viareggio Prize's official image with his wonderful posters.
In 2007 the Viareggio Prize was divided in three parts by adding to the original Viareggio Literary Prize - that awards competitors' works - and to the International Viareggio Versilia Prize, a third contest called Viareggio Tobino Literary Prize (created in honour of Mario Tobino) for awarding the "Author of the Year".