In March 1940 Miki Korakukai was established by Masaji Miki, the 13th Yokichiro, as a non-profit foundation to engage in educational undertaking. In 1951 the foundation inaugurated the Korakukai Award as an addition to its existing scholarships. Conferred upon professors and students of Tokushima University, this award has substantially contributed to the promotion of Education. Since 1951 the award has been conferred upon more than 4,000 recipients. The annual award ceremony is extensively reported in the local paper and the award has evoked an enthusiastic response from prefectural educational circles.

Since 1970 these awards have been extended to directors of kindergartens, principals and teachers of elementary schools, junior high schools and high schools. Discretionary grants are given in recognition of excellence in records of research performance.

More importantly, the research findings of the recipients are published as a collection of theses which is sent to interested parties including the Ministry of Education, Culture, Sports, Science and Technology. The extent of this award's contribution to educational circles has attracted the interest of other prefectures.