The award is made in recognition of the significant contribution of a member of the Society to Australian mammalogy and consists of a medal and letter from the President. Award recipients are named as Fellows of the Society (also known as Honorary Life Members) and are invited to present the Troughton Memorial Lecture at an Annual Meeting of the Society.

The Ellis Troughton Memorial Award commemorates Ellis Le Geyt Troughton (1893-1974), an outstanding Australian mammalogist, foundation member and the first Honorary Life Member of the Society.