The PEN Translation Prize (previously called the PEN/Book-of-the-Month Club Translation Prize until 2008) is an annual award given by PEN America (formerly known as PEN American Center) to recognize excellent translations into English. Since 1963, the prize has been presented each year by PEN America and the Book of the Month Club. It was the first award in the United States created specifically to honor literary translators. A 1999 article in the New York Times referred to it as "the Academy Award of Translation," noting that it is usually given to more experienced translators rather than younger ones.

The award includes a cash prize of $3,000. Any English translation of a book published in the United States during the year is eligible, regardless of the translator’s or original author’s nationality or place of residence.

This award is different from the PEN Award for Poetry in Translation. The PEN Translation Prize is considered one of the most important translation awards. It is part of a group of awards given by International PEN affiliates in more than 145 PEN centers worldwide. The awards given by PEN America are recognized as some of the major literary prizes in the United States.