The honor is scheduled to be bestowed officially at a Los Angeles gala next June 7.
Board Chairman Howard Stringer said in a release Friday that Pacino was "an icon of American film" who had created some of the movies' most memorable characters and had become an inspiration to other actors.
Pacino won an Academy Award for his performance as Frank Slade in "Scent of a Woman" and was nominated eight times in all for films such as "Serpico," "Dog Day Afternoon" and "Glengarry, Glen Ross." He also won fans with his wild-eyed portrayal of drug kingpin Tony "Say Hello to My Little Friend!" Montana in "Scarface."
The awards will be televised on USA Network.