The announcement was made Friday morning in Oslo, Norway.
- Past winners of the Nobel Peace Prize
The OPCW, as its known, is an independent international body formed in 1997 to implement a new global treaty prohibiting the production and stockpiling of chemical weapons.
"The conventions and the work of the OPCW have defined the use of chemical weapons as a taboo under international law," the Norwegian Nobel Committee said in its announcement.
"Recent events in Syria, where chemical weapons have again been put to use, have underlined the need to enhance the efforts to do away with such weapons."
The use of chemical weapons was banned under the 1925 Geneva Convention, but not their manufacture or storage.
Based in the Netherlands, the OPCW has 189 member countries and 500 staff.
It becomes the 22nd organization to receive the Nobel Peace Prize. Previous organizations that have won include the Red Cross, the United Nations and, last year, the European Union.