The ceremony is to take place June 7 at Sony Pictures Studios. It will air June 24 on TV Land.
Streep, who was honored with the AFI Life Achievement Award in 2004, played MacLaine's daughter in "Postcards From the Edge." Both actresses are Academy Award winners.
"The world loves Shirley MacLaine," said Bob Gazzale, president and chief executive officer of AFI.
"AFI's challenge will be how to fit it all into one evening because hers is a life that spans from movies to television to Broadway, books and beyond. Perhaps more than any other recipient, with Shirley I would underline the word life in Life Achievement Award," he said. "Hers is a story more than just movies. It's an epic journey, and she has invited all of us to come along for the ride."
"It is sure to be a magical evening celebrating Shirley's career, especially with Meryl Streep and many other stars who will be on hand," said Larry W. Jones, president of TV Land.
Notable deaths of 2014 [PHOTOS]