An undated photo of Bob Dylan. [Photo/IC]

More than 50 years on, Dylan is still writing songs and is often on tour.

"He is probably the greatest living poet," Swedish Academy member Per Wastberg said.

Sara Danius, Permanent Secretary of the Nobel Academy, told a news conference there was "great unity" in the panel's decision to give Dylan the prize.

Literature was the last of this year's Nobel prizes to be awarded. The prize is named after dynamite inventor Alfred Nobel and has been awarded since 1901 for achievements in science, literature and peace in accordance with his will.