They were rewarded for their dive into the nature of investments that best help the poor.
The Royal Swedish Academy of Sciences has given the Nobel Prize for Economics to the youngest awardee since it started in 1969.
French professor, Esther Duflo, 46, her husband Abhijit Banerjee and Michael Kremer, will share $918,000, receive a gold medal and a diploma each for their research work.
They were rewarded for their dive into the nature of investments that best help the poor, the BBC reported.
"I didn't think it was possible to win the Nobel Prize in Economics before being significantly older than any of the three of us," the French professor said.
She added, "Showing that it is possible for a woman to succeed and be recognised for success I hope is going to inspire many other women to continue working and many other men to give them the respect that they deserve like every single human being."
The Royal Swedish Academy of Sciences explained that the winners had introduced "a new approach to obtaining reliable answers about the best ways to fight global poverty".
The academy said the trio had broken the complex issue into smaller, more manageable questions.
This had in turn made the problems easier to tackle.
"As a direct result of one of their studies, more than five million Indian children have benefited from effective programmes of remedial tutoring in school," the academy said.