The Government College Seraj at Lambathach encourages and recognizes the academic excellence and extracurricular achievements of its students through various prizes and awards. The college offers several merit-based prizes to students who excel in their academic performance, including awards for highest marks in individual subjects, overall academic achievement, and progress. Additionally, the college also recognizes students' achievements in sports, cultural activities, and other co-curricular pursuits, presenting them with trophies, certificates, and cash awards. The college's prize and award system serves as a motivation for students to strive for excellence, fostering a culture of healthy competition and academic rigor. The annual prize distribution ceremony is a significant event in the college's calendar, where students are felicitated and rewarded for their outstanding achievements.