The Selwyn Medal is named in honour of Sir Alfred Selwyn, an eminent Victorian pioneering geologist and founder of the Geological Survey of Victoria. It is awarded, usually yearly, to recognise significant ongoing or former contributions of high calibre to any field of Victorian geology. A candidate for this medal should have made a major contribution to new knowledge of the geology of Victoria, or a significant reinterpretation of it based on critical observations, or have contributed importantly to a major mineral or oil discovery, or have produced important geological publications or have been involved successfully in the development of the geological profession.

Two or more members of the Society can nominate a member for the award by submitting to the Awards Committee the name of the candidate, biographical data, and a citation in about 300 words describing the candidate's work and its significance to the geology of Victoria.