Both the Caldecott and Newbery Awards are awarded each January by the Association for Library Service to Children. This association is a branch of the American Library Assocaition.
The Newbery Medal is named after John Newbery who was a British bookseller during the 18th century. According to the ALA website, the Newbery award is given to the "author of the most distinguished contribution to American literature for children." Each year, one book is declared the winner of the Newbery medal. Other books can be named as Newbery Honor books. The first Newbery Medal was awarded in 1922.
The Caldecott Medal is named after Ralph Caldecott who was an English illustrator during the 19th century. According to the ALA website, the Caldecot award is given to the "artist of the most distinguished American picture book for children." Like the Newbery Award, one book is chosen each year to be the Caldecott Medal Winner, but more books can be chosen to receive Caldecot Honors. The first Caldecott Medal was awarded in 1938.
Neither of these awards is necesarrily "better" than the other. They are both well-recognized and considered a great honor to receive. The main difference between the two is that the Caldecott Medal is limited to picture books while the Newbery can be awarded to short stories as well as novels.
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