The Aga Khan Prize for Fiction was given by the editors of The Paris Review to the best short story published in the magazine each year. The last prize was awarded in 2004. No applications were accepted for the prize. The winner received $1,000. The prize was created by Sir Sultan Mahommed Shah Aga Khan III and was first given in 1956.

Although the prize money is the same as many other literary awards in the United States, the magazine is known for featuring well-known authors. Winners of the prize are often respected writers who have previously won major literary awards or go on to win them later.