The all-star lineup of guests for the June event includes Robert De Niro, Clint Eastwood, Jim Carrey, Nora Ephron, Carrie Fisher, Goldie Hawn, Diane Keaton, Kevin Kline, Mike Nichols, Sydney Pollack, Robert Redford, Kurt Russell, Tracey Ullman and Claire Danes.
The award ceremony, at the Kodak Theater on Hollywood Blvd., will be videotaped for broadcast on June 21 on the USA network.
Nichols directed Streep in her Oscar-nominated performance in the 1983 drama "Silkwood."
Streep joins a list of AFI Lifetime Award recipients that includes De Niro and Eastwood, as well as Tom Hanks, Barbra Streisand, Dustin Hoffman, Steven Spielberg, Jack Nicholson, Elizabeth Taylor and Sidney Poitier.
2014: The Year in Music [PHOTOS]