The award has played an important part in launching a number of careers of folk musicians including Nancy Kerr and James Fagan.
10 acts from the submissions will be chosen to attend the Young Folk Award Weekend, which is a residential weekend of workshops led by musicians.
An eventual winner will be announced at the 2016 BBC Radio 2 Folk Awards ceremony – the prize includes a session on the Radio 2 Folk Show and slots at three UK festivals.
The closing date for entries is Friday 4 December 2015.
The contest is open to soloists, duos and groups playing folk, roots or acoustic music from any culture.
Visit the BBC Radio 2 website to find out more and enter the competition.
Email entries should be signed, scanned and sent to R2youngfolkaward2016@smoothoperations.com