The prize is open to primary, secondary and sixth form schools from around the world who are invited to submit art work from students up to the age of 18.
The 2009 Prize, which was judged by a panel of artists, including Sir Peter Blake and Antony Gormley, received over 22,000 entries from more than 3,000 schools.
This year's Prize is sponsored by DeutscheBank. A first prize of £10,000 will be awarded to the winning school's art department, with a further £2,000 given to the winning pupil to be spent on art and computer equipment.
Two further runner-up prizes of £5,000 each will be awarded to the second and third placed schools, with a further £1,000 to each of the winning pupils.
The deadline for entries is Friday 6 August and there will be an exhibition of the 20 shortlisted entries at the Saatchi Gallery in the autumn.
The Prize is part of the Saatchi Gallery's education programme which is committed to introducing contemporary art to younger audiences.
Details of how to enter and a selection of last year's entries can be found at http://www.saatchi-gallery.co.uk/portfolio/