The Cy Young Award is an annual honor given to the best pitchers in Major League Baseball (MLB). Named after Hall of Fame pitcher Cy Young, the award was first introduced in 1956. It is awarded in both the American League and the National League, recognizing outstanding performance in pitching during the regular season. Winners of the Cy Young Award are selected based on various statistical measures, including earned run average (ERA), strikeouts, and wins. The award is highly regarded in baseball, celebrating excellence and skill among pitchers, and is often seen as a significant achievement in a player's career.