Obama is the third sitting U.S. president to win the award: President Theodore Roosevelt won in 1906 and President Woodrow Wilson was awarded the prize in 1919.
Wilson received the prize for his role in founding the League of Nations, the hopeful but ultimately failed precursor to the contemporary United Nations.
The Nobel committee chairman said after awarding the 2002 prize to former Democratic President Jimmy Carter, for his mediation in international conflicts, that it should be seen as a "kick in the leg" to the Bush administration's hard line in the buildup to the Iraq war.
Five years later, the committee honored Bush's adversary in the 2000 presidential election, Al Gore, for his campaign to raise awareness about global warming.
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