The awards are given annually to individuals involved in West End productions and other leading non-commercial theatres based in London across a range of categories covering plays, musicals, dance, opera and affiliate theatre. A discretionary non-competitive Special Olivier Award is also given each year. The Olivier Awards are recognised internationally as the highest honour in British theatre, equivalent to the BAFTA Awards for film and television, and the BRIT Awards for music. The Olivier Awards are considered equivalent to Broadway's Tony Awards and France's Molière Award.
Since inception, the awards have been held at various venues and theatres across London, from 2012 to 2016 at the Royal Opera House, before moving to the Royal Albert Hall in 2017. Television coverage is broadcast in prime time on ITV1, who acquired the rights from 2013 onwards, with radio coverage by Magic Radio.