"Over the course of MTV history, the Michael Jackson Video Vanguard Award has been presented to exemplary musicians who have made an incredible and long-lasting impact on pop culture," the network said in a statement. "When it came time to choose the 2014 VMA recipient, one particular name stood out above the rest — global entertainer, singer-songwriter and philanthropist, Beyonce."
The honor has previously been given to entertainers like Madonna, Britney Spears, Michael Jackson, The Red Hot Chili Peppers and most recently, Justin Timberlake.
In addition to receiving the award, Beyonce will also perform at the award show, which will be held at The Forum in Inglewood, Calif., on August 24.
Other entertainers expected to perform include Ariana Grande, Usher, 5 Seconds of Summer and Taylor Swift, who is reportedly planning an "explosive" performance.