Pakistani education activist Malala Yousafzai and Indian child rights campaigner Kailash Satyarthi are due to receive the Nobel Peace Prize in Oslo.
Speaking earlier to the BBC, Ms Yousafzai said she would consider pursuing a career in politics if it was the best way to serve her country.
The Taliban shooting survivor said she might aspire to be prime minister of Pakistan one day.
Mr Satyarthi said receiving the prize was "a great opportunity".
Ms Yousafzai and Mr Satyarthi are receiving their awards from the chairman of the Norwegian Nobel committee, in the presence of King Harald V of Norway.
They are expected to deliver their Nobel lectures during the award ceremony.
'Indescribable courage' As the ceremony got under way, Nobel committee chairman Thorbjorn Jagland described the laureates as "champions of peace".
He stressed the importance of education, saying: "The road to democracy and freedom is paved with knowledge."
Mr Jagland praised Mr Satyarthi's work campaigning against child labour, often at great risk to himself.
He also lauded Ms Yousafzai's efforts to promote education despite threats from the Taliban, saying: "Her courage is almost indescribable".