During an investors call April 26, Amazon officials announced the annual fee would go from $99 per year to $119 per year, a 20 percent hike.
The change is effective May 11 for new Prime members and June 16 for existing Prime members.
Earlier this year, Amazon raised the monthly Prime membership fee from $10.99 per monthy to $12.99 per month.
Four years ago, Amazon raised its annual Prime membership free from $79 to $99.
Prime membership was originally centered around providing free two-day product delivery.
Today, Prtime membership includes free streaming video and music, audiobooks, unlimited diital photo storage and more.
On April 18, Amazon told shareholders Prime membership topped 100 million members around the world.
Amazon Prime launched in 2005.