Watch: Why is the Nobel Peace Prize such a big deal?

Video caption, Find out all about the Nobel Peace Prize.

Today we'll find out who will win the 2013 Nobel Peace Prize.

The high profile award named after Swedish inventor Alfred Nobel is for people and organisations who have worked to promote peace around the world.

This year Pakistani schoolgirl Malala Yousafzai - a familiar face to Newsround viewers - is one of the favourites to win.

Here's some background information about why the award is so special.