Since its inception in 1905 The Magic Circle has always prided itself on showcasing the best magicians from around the world. For many years The Magic Circle has rewarded these magicians with various honours and prizes, be it through examination or by call of the President.

One year after the society was founded, Membership of The Inner Magic Club was initiated closely followed by Associate of The Inner Magic Circle. Since then numerous other awards have been introduced by The Magic Circle including; The Silver Wand, The Maskelyne, The Devant, The Cecil Lyle Award and The Magic Circle Close-Up Magician of the Year.

In recent years due to its growing popularity, The Magic Circle has introduced The Stage Magician of the Year, which has brought stage, cabaret and platform magic to the forefront of proceedings at The Magic Circle.