On this day, October 14th, in 1964, Martin Luther King, Jr. accepted the Nobel Peace Prize in Oslo, Norway, becoming the youngest man and second African-American to ever win the Nobel Peace Prize. He was awarded the prestigious Prize for his leadership in the civil rights movement and persistent ideology that nonviolent action was the way to achieve racial justice.  The prize money, $54,600, was donated by King to the civil rights movement and its continued efforts.  

Sources:

1) http://www.history.com/this-day-in-history/king-wins-nobel-peace-prize

2) http://crdl.usg.edu/events/mlk_nobel_prize/