The Hugos are considered the most prestigious awards in science fiction, but I think the Nebulas are more important. Why? Anyone can vote for a Hugo. You only need membership in the World Science Fiction Society [wsfs.org], which anyone can join. The Nebulas, on the other hand, require membership in the Science Fiction and Fantasy Writers of America, which is only open to professional writers.
The hugos are more celebrated because it's a world-wide award; this year's convention in in Finland. They are awarded in August.
The SFWA just announced [sfwa.org] this year's Nebula awards, honoring works published in 2016. This year's winners are:
Best novel: All the Birds in the Sky, by Charlie Jane Anders
Best Novella: Every Heart a Doorway, by Seanan McGuire
Best novelette: "The Long Fall Up", by William Ledbetter
Best Short Story: "Seasons of Glass and Iron", by Amal El-Mohtar
Ray Bradbury Award for Outstanding Dramatic Presentation: : Arrival,, Directed by
Denis Villeneuve, Screenplay by Eric Heisserer
Andre Norton Award for Young Adult Science Fiction and Fantasy: Arabella of Mars, by David D. Levine
The nominees for these awards are listed at the above SFWA link.