The Barry M. Goldwater Scholarship and Excellence in Education Program was established by the United States Congress in 1986 in honor of former United States Senator and 1964 presidential candidate Barry Goldwater. Its goal is to provide a continuing source of highly qualified scientists, mathematicians, and engineers by awarding scholarships to college students who are US citizens or permanent residents and intend to pursue careers in these fields.

The scholarship—one of the most prestigious national undergraduate scholarships in the natural sciences, engineering and mathematics—is awarded annually to about 400 college sophomores and juniors out of approximately 1200 nominees. The scholarship is awarded based on merit, and the actual amount given is based on financial need, up to a maximum of $7,500 per academic year. In addition, since at least 2006 until 2018, about 150 exceptional applicants not awarded the Scholarship have been recognized with official Honorable Mentions.

Colleges and universities are allowed to nominate only four of their undergraduate students per year to receive the final scholarship, making it a premier award in the US conferred upon undergraduates studying the sciences.

In awarding scholarships, the Foundation considers the field of study, career objectives, commitment, and potential for a significant professional contribution. This is judged by letters of reference, student essays, and prior research experience. The number of scholarships per region depends on the number and qualifications of the nominees for that region. The regions are defined as each of the 50 U.S. states, the District of Columbia, Puerto Rico, and, considered as a single entity, Guam, the United States Virgin Islands, American Samoa, and the Northern Mariana Islands.