The award will be presented to Shirley MacLaine's younger brother at a gala tribute in Los Angeles next June 12, which will be broadcast on USA Network.
"Warren Beatty has charmed movie-goers as a dynamic leading man from his first moment on screen and continues to do so today," Sir Howard Stringer, chair of the AFI Board of Trustees, said in a statement.
"He is also a master filmmaker -- a writer, producer and director of such artistry and influence that his movies -- from 'Bonnie and Clyde' to 'Reds' -- have left an indelible mark on the cultural legacy of American film. AFI is proud to present him with its 36th Life Achievement Award."
Beatty's screen credits include "Splendor in the Grass," "The Roman Spring of Mrs. Stone," "Shampoo," "Dick Tracy" and "Bulworth."
Past recipients of the AFI Life Achievement Award include John Ford, James Cagney, Orson Welles, Bette Davis, Alfred Hitchcock, Gene Kelly, Billy Wilder, Kirk Douglas, Elizabeth Taylor, Jack Nicholson, Steven Spielberg, Clint Eastwood, Meryl Streep, Tom Hanks and Al Pacino.
Celebrity Families of 2014 [PHOTOS]