der Hauptpreis
grand prize
The first, most valuable, or most important prize awarded in a competition, lottery, or raffle.
Mit ihrem Los hat sie den Hauptpreis, ein neues Auto, gewonnen.
With her ticket, she won the grand prize: a new car.

grand prize
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grand prize
The first, most valuable, or most important prize awarded in a competition, lottery, or raffle.
Mit ihrem Los hat sie den Hauptpreis, ein neues Auto, gewonnen.
With her ticket, she won the grand prize: a new car.

The prefix 'Haupt-' means 'most important' or 'biggest'. It is often used to refer to the most important thing in a category, e.g. 'Hauptgang' (main course) or 'Hauptrolle' (leading role). The 'Hauptpreis' is therefore the most important prize.
Die Schauspielerin gewann den Preis für die beste Hauptrolle.
The actress won the award for best leading role.
'Hauptpreis' (grand prize) is very often combined with the verb 'gewinnen' (to win). Other typical verbs are 'verlosen' (to raffle off) or 'bekommen' (to receive/get).
Wer wird dieses Jahr den Hauptpreis gewinnen?
Who will win the grand prize this year?
You will almost always find this word in the context of competitions, games, lotteries, or award ceremonies. Signal words are 'Lotterie' (lottery), 'Wettbewerb' (competition), 'Tombola' (raffle), or 'Gewinnspiel' (prize draw).
Jedes Los hat die Chance auf den Hauptpreis.
Every ticket has a chance to win the grand prize.
price / prize
'der Preis' and 'der Hauptpreis' can both be an award or a prize in a competition. 'Preis' is general: there can be a first, second, or small prize. 'Hauptpreis' is the most important or most valuable prize, for example in a lottery, a raffle, or a competition. They can be confused because every 'Hauptpreis' is also a 'Preis'. But not every 'Preis' is a 'Hauptpreis'. If you mean just any award, you say 'Preis'. If you mean the best or biggest prize, you say 'Hauptpreis'.

Bei der Tombola ist der Hauptpreis ein Wochenende in den Bergen.
At the raffle, the grand prize is a weekend in the mountains.
Herr Lange überreicht den Preis für das beste Umweltprojekt.
Mr. Lange presents the prize for the best environmental project.