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.
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.”
Ms Yousafzai, 17, was shot in the head by Taliban gunmen in October 2012 for campaigning for girls’ education and now lives in the UK.
She is the youngest ever recipient of the prize.
Through the efforts of Mr Satyarthi, 60, tens of thousands of children have been rescued from hazardous industries.
He has endured death threats for his work, and two of his colleagues were killed.
Ms Yousafzai and Mr Satyarthi were jointly awarded the 2014 Nobel Peace Prize “for their struggle against the suppression of children and young people and for the right of all children to education”.
They have split the $1.4m (£860,000) prize money.
The Nobel committee said earlier it was important that a Muslim and a Hindu, a Pakistani and an Indian, had joined in what it called a common struggle for education and against extremism.