The Webby Awards (colloquially referred to as the Webbys) are awards for excellence on the Internet presented annually by the International Academy of Digital Arts and Sciences, a judging body composed of over three thousand industry experts and technology innovators. Categories include websites, advertising and media, online film and video, mobile sites and apps, and social.

Two winners are selected in each category, one by members of The International Academy of Digital Arts and Sciences, and one by the public who cast their votes during Webby People's Voice voting. Each winner presents a five-word acceptance speech, a trademark of the annual awards show.

In its early years, the award was hailed as the "Internet’s highest honor" and was associated with the phrase "The Oscars of the Internet."

In its early years, the organization was one of several vying to be the premiere internet awards show. Both shows would compare themselves to the Oscars, as did media outlets such as The New York Times to Canada's Globe & Mail.

The winners of the First Annual Webby Awards in 1995 were presented by John Brancato and Michael Ferris, writers for Columbia Pictures. It was held at the Hollywood Roosevelt Hotel. The televised Webby Awards were sponsored by the Academy of Web Design and Cool Site of the Day. The first Webby Awards were produced by Kay Dangaard at the Hollywood Roosevelt Hotel as a nod to the first site of the Academy of Motion Picture Arts and Sciences (Oscars). That first year, they were called "Webbie" Awards. The first "Site of the Year" winner was the pioneer webisodic serial The Spot.

The modern Webby Awards were co-founded by Tiffany Shlain, a filmmaker, when she was hired by The Web Magazine to re-establish them, and were first held in San Francisco in 1997. They quickly became known for its requirement that winners give their acceptance speeches in five words. After this, the awards became more successful than the magazine and IDG closed the publication. Shlain and co-founder Maya Draisin Farrah continued to run The Webby Awards until 2004.

The International Academy of Digital Arts and Sciences, which selects the winners of The Webby Awards, was established in 1998 by co-founders Tiffany Shlain, Spencer Ante and Maya Draisin. Members of the Academy include Kevin Spacey, Grimes, Questlove, Internet inventor Vint Cerf, Instagram’s Head of Fashion Partnerships Eva Chen, comedian Jimmy Kimmel, Twitter founder Biz Stone, Vice Media co-founder and CEO Shane Smith, Tumblr’s David Karp, Director of Harvard's Berkman Klein Center for Internet & Society Susan P. Crawford, Refinery29’s Executive Creative Director Piera Gelardi, and CEO and co-founder of Gimlet Media Alex Blumberg.

The Webby Awards is owned and operated by the Webby Media Group, a division of Recognition Media, which also owns and produces the Lovie Awards in Europe and Netted by the Webbys, a daily email publication launched in 2009. David-Michel Davies, CEO of Webby Media Group, current Executive Director of the Webby Awards and co-founder of Internet Week New York, was named Executive Director of the Webby Awards in 2005.