Geldof was picked for "his unflagging work and powerful voice on behalf of the poor of Africa over the last 20 years and in particular the last 12 months," the Nobel committee of living Peace Prize winners said in making the announcement.
"He has harnessed world opinion to make political leaders act immediately, improving the lives of millions," said the statement.
The BBC said former Soviet leader Mikael Gorbachev will give Geldof the award during the World Summit of Nobel Laureates in Rome Nov. 24.
The announcement was made during the launch of Geldof's "Live 8" DVD in London, NME.com reported Friday. The DVD is due to hit stores in November.