The Graduate School of Arts and Sciences Centennial Medal was first awarded in June 1989 on the occasion of the 100th anniversary of the founding of the Graduate School.

 
At that time, seven medals were awarded. Since then, medals have been awarded to two to four alumni each June. Alumni are honored for "contributions to society as they have emerged from one's graduate education at Harvard."

Anyone who has earned a Master's or Doctoral degree from the Graduate School is eligible to be considered for a medal. Nominations are reviewed by senior University officials and the Graduate School Alumni Association Council's Medals Committee. Their recommendations are voted on by the Harvard Corporation.

The symbolism incorporated into the design of the Centennial Medal reflects both the institution and the basis of the award. The obverse side is dominated by a figure pouring water from two bowls: the figure is the handmaiden of Truth; the two bowls represent the source of all potentialities in existence. The reverse side of the medal shows palm and laurel branches. The palm branch has traditionally symbolized both the celebration of victory after long struggle, as well as the legendary production of the palm tree that flourished during a long life and bears fruit in old age. The laurel branch symbolizes the wreath that had been awarded since ancient times to poets and heroes alike for their achievements.