"The results showed us a universe in which just five percent of its content is known, the matter which constitutes stars, planets, trees - and us", the academy said in a statement.
Peebles was instrumental in predicting, describing and detecting the cosmic microwave background, a field of radiation that was left over after the Big Bang and pervades the universe to this day.
The Big Bang Theory ended on a high note with a 1-hour finale in May.
During a news conference on Tuesday, Peebles said he has not forgotten his roots in the Prairies. "Some of it will go to our children". "The pioneering work by Jim Peebles, Michel Mayor, and Didier Queloz has had far-reaching consequences in many areas".
"Now I'm learning about things that [Peebles] discovered, things the generations of scientists before me have discovered", he said.
The Nobel Prize in physics for 2019 was awarded to three scientists on Tuesday for groundbreaking work on the evolution of the universe and Earth's place in it.
Queloz added that the detection of exoplanets had revolutionised astronomy.
"One of my earliest memories is throwing a tantrum because I wasn't allowed to put together the coffee percolator", he said. "Do you think there is life on other planets?" He thought it was joke at first.
"I could barely breathe", Queloz told The Associated Press. "It's enormous. It's beyond usual emotions". "It's just so exciting to me that someone who was in my place a long time ago was able to get to this point". "I'm trying to digest it".
Professor Queloz said it was "entirely realistic" life could be found closer to home in the next 30 years, and even more likely in the next 100 years. We will never, ever, see these other lives, these other planets.
No one knew this type of planet could exist, until their discovery.
"It's a prize that really tells us the fundamental truth about how cells work", he said.
Peebles, 84, has been retired for 20 years, but he says he has continued to research and teach at a "relaxed rate" because he enjoys it.
Peebles' work, which started within the mid-1960s, arena the stage for a "transformation" of cosmology over the final half-century, the utilization of theoretical instruments and calculations that helped justify traces from the infancy of the universe, the Nobel committee mentioned.
A clearly delighted Peebles giggled repeatedly during a phone interview with AP, recalling how he answered a 5:30am phone call from Stockholm thinking that "it's either something very wonderful or it's something frightful".
"Life will go on", he said. "From the beginning, I have always had colleagues".
Three scientists were awarded the Nobel Prize in Chemistry for developing lithium-ion batteries, which are used in mobile phones, laptops, and electric vehicles.