The Committee decided to award the honour to the WFP "for its efforts to combat hunger, for its contribution to bettering conditions for peace in conflict-affected areas and for acting as a driving force in efforts to prevent the use of hunger as a weapon of war and conflict", the statement said.
The WFP is the world's largest humanitarian organisation addressing hunger and promoting food security. In 2019, it provided assistance to close to 100 million people in 88 countries who are victims of acute food insecurity and hunger.
In 2015, eradicating hunger was adopted as one of the UN's Sustainable Development Goals.
"The Norwegian Nobel Committee wishes to emphasise that providing assistance to increase food security not only prevents hunger, but can also help to improve prospects for stability and peace.
"The WFP has taken the lead in combining humanitarian work with peace efforts through pioneering projects in South America, Africa and Asia," according to the statement.
"With this year's award, the (Committee) wishes to turn the eyes of the world to the millions of people who suffer from or face the threat of hunger," the BBC quoted Norwegian Nobel Committee chairwoman Berit Reiss-Andersen as saying.
"The WFP plays a key role in multilateral cooperation in making food security an instrument of peace."
Some 211 individuals, including Swedish activist Greta Thunberg, and 107 organisations were nominated for the prize this year.
Last year, the award was conferred to Ethiopian Prime Minister Abiy Ahmed, whose peace deal with Eritrea ended a 20-year military stalemate following their 1998-2000 border war.
(This report from IANS has been edited)