Twelve albums by different British artists make up the shortlist for the award, with the winner announced in September this year.
The bookies' favourite so far is Dave, whose album Psychodrama is leading the charge.
All genres of music, from grime to rock 'n' roll, are eligible to go for the prize, with the winners chosen by a select panel of experts, which includes Stormzy, Jorja Smith and Radio 1 DJ Annie Mac.
Mercury wins helped propel the likes of Primal Scream, Pulp, Franz Ferdinand, Arctic Monkeys and Elbow to new levels of acclaim and stardom.
But others, like Roni Size, Talvin Singh and Klaxons, have fallen victim to the so-called "Mercury curse" having failed to live up to the hype that surrounded their breakout victories.
Ahead of the launch of this year's Hyundai Mercury album prize, ITV News takes a look at what followed for the winners from the past decade.
2009 - Speech Debelle
Corynne Elliot, better known as Speech Debelle, won the 2009 installment of the Mercury prize for her debut album Speech Therapy.
Her album success also saw her perform at Glastonbury Festival that same year.
Compared to other artists she was up against, including La Roux, Kasabian and Friendly Fires, album sales were quite low and the album only peaked at number 65.
Speech Debelle's career hasn't kicked on in the way she would have wanted since winning the prize.
She's not had any singles in the top 40 and it's fair to say her Mercury success was as good as its been for Elliot.
2010 - The xx
Indie pop band The xx used the success of their self-titled album to truly push themselves into the mainstream of British music.
The band, led by Jamie Smith, otherwise known as Jamie xx, reached number three on the UK Top 40 chart.
They beat off top competition, including from former Mercury prize winner Dizzee Rascal, Mumford and Sons, Biffy Clyro and Foals.
They have since had two number 1 albums, with their 2012 album Coexist and their 2017 album I See You.
They are still going strong and have headlined the All Points East music festival in London this year.
2011 - PJ Harvey
The English songwriter became the first person to win the Mercury Prize twice, this time round with her album Let England Shake.
She had previously won the prize in 2001, with Stories from the City, Stories from the Sea.
Harvey managed to fight off stiff competition from the likes of Adele, Katy B and Elbow to win the £20,000 prize.
While she may not be a household name, the 49-year-old is still putting out new and critically acclaimed music. This year, she released her album All About Eve.
2012 - alt-J
Indie rock band alt-J's An Awesome Wave managed to convince the panel to hand over the prize for their debut album.
The group dismissed the idea of the Mercury curse, after previous winners like Speech Debelle failed to live up to expectations.
At the time, they said: "This kind of curse isn't dependent on whether you win the Mercury. It's dependent on the material that you have after you win the Mercury."
The Leeds based band have released a couple of albums, and their 2014 album This Is All Yours reached number one in the charts.
The band haven't released an album since 2017 but are still touring.
2013 - James Blake
Blake's second album Overgrown beat off competition from Rudimental, the Arctic Monkeys and David Bowie.
He had previously been nominated for his self-titled debut album back in 2011.
After beating music legend Bowie to the prize, he said: "I don't feel like I've beaten him."
Blake, now 30, has gone from strength-to-strength, consistently putting out new music this year.
This year, he has teamed up with Kylie Jenner's boyfriend Travis Scott for a single, while also releasing other tracks this year.
Blake's distinct electronic sound and dulcet tones are instantly recognisable, and it fair to say he's shaken off any rumours about the Mercury curse.
2014 - Young Fathers
The Scottish band formed in Edinburgh won the 2014 Mercury Prize for their album Dead.
While their music hasn't broke into the mainstream British pop culture, they have been putting out music on a semi-consistent basis.
The relatively unknown band whose music blends electro hip-hop sounds together beat 14-1 odds to win the £20,000 prizemoney.
The band has been on a tour which has taken them to Marrakech, Madrid, Barcelona and Boston this year, but they may not have capitalised on their success as they might have hoped.
2015 - Benjamin Clementine
Another relative unknown, Clementine's debut album At Least for Now saw him clinch the Mercury Prize.
The English songwriter certainty has an interesting backstory, where he moved to France as a teenager after failing most of his GCSEs.
He beat off bookies' favourite Jamie xx, as well as Florence and the Machine, Slaves and Aphex Twin.
His work is distinct due to its poetic nature, with his strained voice often accompanied by minimalist piano rifts.
This year, he was named as a knife of the Order of Arts and Letters by the French government for his work towards music and arts.
2016 - Skepta
The Tottenham-born grime star is one of the better known winners of the past decade.
His album Konnichiwa won world-wide acclaim, charting in Australia, Belgium, New Zealand, the UK, among many other countries.
The rapper produced all but three songs on the album and was released by his own record label, Boy Better Know.
His album features the hit singles That's Not Me, Shutdown and Man, which proved hugely popular on the festival circuit.
The Microphone Champion, who is widely regarding as one of the founding fathers of grime music, has seen a resurgence in the genre and has proved an inspiration to dozens of UK rappers.
Along with fellow Boy Better Know members, including brother JME, Frisco, Shorty and DJ Maximum, the grime collective shutdown Glastonbury's Other stage in 2017.
He's since released another album, Ignorance Is Bliss, which was released earlier this year.
2017 - Sampha
The richly-rewarding album covered moving topics like the musician's mother's death and opening up on his own personal struggles.
The south Londoner is known for his production work on prominent dance tracks, including with SBTRKT, Kate B, Drake and Chip.
2018 - Wolf Alice
The four-piece north London rock band have been around since 2012, but won recognition for their second album Visions of a Life.
The band beat the likes of Noel Gallagher, Florence and the Machines and Jorja Smith.
A year after their success, it doesn't seem as if they group is slowing down, although it might be too early to determine whether the "Mercury Curse" has struck again...
Who has made the shortlist for this year's Mercury Prize?
Anna Calvi – Hunter
Black Midi – Schlagenheim
Cate Le Bon – Reward
Dave – Psychodrama
Foals – Everything Not Saved Will Be Lost
Fontaines DC – Dogrel
Idles – Joy As an Act of Resistance
Little Simz – Grey Area
Nao – Saturn
SEED Ensemble – Driftglass
slowthai – Nothing Great About Britain
The 1975 – A Brief Inquiry Into Online Relationships