An "award" is a prize that you receive for having done something noteworthy. It is always associated with something positive; you have done something which people approve of. It is a sign of appreciation. You could be awarded a medal, a prize, or a certificate by an organisation for an outstanding achievement. When judges bestow an award on you, they are honouring you. ..................................................................................................................................................... A "reward", on the other hand, is usually associated with something valuable — money, for instance. You may get a reward for finding and returning someone's dog/cat. The police may offer a reward for information about an escaped convict. It is seen as something that you get as just compensation for the good that you have done or the hard work that you have put in. For example, if you have worked really hard to write a novel, and later you receive an award for it, you may feel that it is a recompense for all the work you put in, that it is a reward for your effort. While the word "award" is associated with only positive things, "reward", on the other hand, can be associated with both good and bad. One can be rewarded for the evil one does as well.

Award and reward can both be nouns and verbs. As a noun, reward is something (anything, really) that is given in exchange for some action or behavior. An award is usually one of two things: ( 1 ) a medal or decoration, ( 2 ) money or rights/priveledges given by a court of law. Awards are often tokens that are sources of pride and meant to be displayed, whereas rewards tend to be more fleeting and practical. For example, compare: As a reward for working on his days off, Sam was given an extra day of vacation. Sam received no medal or certificate or anything else. Sam received an award for Employee of the Month. Sam probably got some certificate or something (the 'award'), but may not have gotten anything practical. An award may also be dictated by a judge in a court. The victim of a drunk driver might win an award of $500,000, or a son contesting his father's will might win the rights to sell the father's estate. In any event, the verb forms are created just like most other English verbs from nouns. One will generally be rewarded for something, but be awarded some object or honor. Sam was rewarded for working on his days off by getting extra vacation. Sam was awarded a Gold Star and certificate for being Employee of the Month.

1. Awards are tokens of appreciation, which are given to individuals for their achievements. Rewards on the other hand are also recognition but it is a kind of acknowledgment to an individuals contributions. 2. Awards can come in form of commemorative plaques, medals, trophies, certificates, titles, badges, pins and cash. Rewards most of time is associated with money or a promotion or like that. 3. Awards are publicly presented. Rewards, on the other hand, are only private or personal affairs. http://www.differencebetween.net/language/difference-between-award-and-reward/