Nominated for the award by the Guild, Pinter is celebrating his 75th birthday this year.
The Nobel academy said Pinter's work "uncovers the precipice under everyday prattle and forces entry into oppression's closed rooms".More from BBC News.
Pinter is widely regarded as the UK's greatest living playwright.
The academy's citation said: "Pinter restored theatre to its basic elements: an enclosed space and unpredictable dialogue, where people are at the mercy of each other and pretence crumbles."
His spare style, full of threatening silences, has given rise to the adjective "Pinteresque".
Update: You can watch a video of the announcement and hear a short interview with Pinter on the Nobel Prize website.