The Richtzenhain-Foundation, in accordance with the will of its donors, promotes cancer research with two alternating prizes given each year.

Scientific work conducted by research facilities in the Federal Republic of Germany whose focus lies in the successful transfer of research results into possible clinical applications will be considered one year. In the following year, outstanding dissertations in the field of cancer research will be rewarded, that have been successfully completed at a research institute in Heidelberg or the University of Heidelberg.

The prize is named after Dr. Christine and Dr. Walther Richtzenhain who were residents of Darmstadt. Dr. Walther Richtzenhain passed away in 1950. Dr. Christine Richtzenhain, his widow, passed away in 1975. Some years before her death, she founded the "Walther and Christine Richtzenhain-Prize" in memory of her husband who died of cancer of the pancreas. Walther Richtzenhain, a neurologist, psychiatrist, and theologian, as well as an activist in The German Peace Society. According to his obituary in the Darmstädter Echo he was a "lover of peace" and "always took the straight path, even when it presented material and mental difficulties".

Up until 1974 the Richtzenhain-Prize was awarded by The University of Heidelberg and has been presented by DKFZ since 1975. Harald zur Hausen, later chairman of the board at DKFZ and a Nobel Prize laureate in 2008, was one of the first prize winners in 1971.