The award was presented in front of river professionals from all over the world at the Riverprize Gala Dinner, held in conjunction with the International Riversymposium in Canberra on Tuesday 16 September.
The Lake Eyre Basin Partnership received the award for successfully implementing two decades of river protection through extensive engagement, collaboration and action.
Kate Andrew, who accepted the award on behalf of the partnership, said "The Lake Eyre Basin Partnership demonstrates the importance of commitment to rivers as well as persistence... For people to have a passion and be able to sustain that for 20 years is a remarkable thing".
The Lake Eyre Basin is one of the last naturally free-flowing river basins in the world, occupying a large part of semi-arid Australia including parts of three states and one territory. It supports diverse human communities and outstanding cultural and natural values.
Dr Deborah Nias, Chair of the Australian Riverprize judging panel, said that the Lake Eyre Basin is a tremendous example of recognising the vital need to protect the few remaining untouched River Basins around the world.
"The Lake Eyre Basin provides us with evidence that we can manage our Basins in a way that protects their future and gives hope to those who depend on them for their livelihoods and spiritual connections."
"The complexity of managing this vast, remote area demonstrates the importance of building relationships between government, the Indigenous people and other landholders and business. The excellent science behind the Lake Eyre Basin shows the importance of quality research and monitoring, and the need for continued investment in research that will guide the management of the Basin in the future."
The Lake Eyre Basin will now automatically qualify for stage two of the Thiess International Riverprize in 2015.
The other finalists in the 2014 Australian Riverprize were Bannister Creek (WA), the Boorowa River (NSW) and Margaret River (WA) which was highly commended by the judges.
This year, the International RiverFoundation also awarded the 2014 Thiess International Riverprize to the River Rhine of Europe.