The OPCW is tasked with supervising the dismantling of Syria's chemical weapons arsenal. The Chairman of the Norwegian Nobel Committee, Thorbjoern Jagland, announced the laureate's name at 11:00 am (0900 GMT) at the Nobel Institute in Oslo.
The Prize will be presented in Oslo on December 10, on the death anniversary of Swedish industrialist Alfred Nobel.
The Nobel Prize consists of a gold medal, a diploma and a prize sum of eight million Swedish kronor (USD 1.2 million, EUR 910,000), to be shared if there is more than one laureate.
The OPCW is tasked with supervising the dismantling of Syria's chemical weapons.
The announcement of the Nobel Peace Prize also put an end to the speculations that the 16-year-old Pakistani girl, Malala Yousafzai could win the top honour.
Malala, on Thursday, won the European Parliament's Sakharov Prize for human rights. The Sakharov Prize, worth about 50,000 euros (about $67,000), is awarded by the European Parliament annually in memory of Soviet physicist and dissident Andrei Sakharov for promoting human right issues.