The prestigious Fellowship comes on top of his recent Australian of the Year award for his work in developing a vaccine for cervical cancer.
The Smart State Premier's Fellowships provide funding to entice experienced and distinguished researchers of national and international prominence to lead research teams in Queensland universities, research institutes, government agencies or industry research facilities.
Professor Frazer said the Fellowship would allow him to further his work into effective specific immunotherapy, which is widely predicted to be an effective treatment for chronic viral infections and for cancer.
"This research program will pave the way for the development of further therapeutic vaccines," Professor Frazer said.
"I am honoured to receive this Fellowship, which will allow me to continue my research into these important treatments."
The cervical cancer vaccine, the first in the world designed to prevent cancer, has achieved a success rate of more than 95% in Phase III clinical trials and will deliver revolutionary public health outcomes.
Professor Frazer will continue to be the Director of UQ's Centre for Immunology and Cancer Research (CICR), which he founded, and where he leads a cutting-edge research program of immunological research.
UQ Deputy Vice Chancellor (Research) Professor David Siddle congratulated Professor Frazer on his Fellowship, which UQ would match in funds to total $2.5 million over five years.
"Professor Frazer's contributions to Australian and international science are nothing short of remarkable and his national capacity building in the field is exceptional," Professor Siddle said.
"His public profile has impacted positively on interest in Queensland, including the key strengths of his centre and the University as a biotechnology and research training environment."
Media inquiries: Anton Sanker , CICR Business Manager (+61 412 057 512).