The Rome-based organisation says it helps some 97 million people in about 88 countries each year and that one in nine people worldwide still does not have enough to eat.
"The need for international solidarity and multilateral cooperation is more conspicuous than ever," Chairwoman Berit Reiss-Andersen of the Norwegian Nobel Committee told a news conference.
The prize is worth 10 million Swedish crowns (approx $NZ1.7m) and will be presented in Oslo on 10 December.
This year, there were 318 contenders - 211 individuals and 107 organisations.