The CSL Centenary Fellowships were established in 2016, CSL's centenary year, as a ten-year, $25 million commitment to Australia’s medical research community. Their intent is to foster excellence in Australian medical research by supporting Australian scientists to pursue world-class research.

Two competitively selected, five-year fellowships are awarded each calendar year to early-mid career (4-10 years post doctoral) medical researchers working on discovery or translational research with a focus on rare/serious diseases, immunology or inflammation. The total value of each award is $AUD 1.25 million, which is paid in annual instalments of $AUD 250,000 to the fellow’s employing university or medical research institute. The fellowship provides for a full-time salary (generally equivalent to a Senior Research Fellow C1 level) plus research costs and/or a post-doctoral research assistant. The breakdown is determined by the fellow, in conjunction with the employing institution at the commencement of the fellowship.