Burton's star will be placed next to Elizabeth Taylor's star on March 1.
The star-dedication ceremony is part of celebrations to commemorate the 50th anniversary of "Cleopatra." Directed by Joseph L. Mankiewicz, the film was Burton and Taylor's first on-screen collaboration. It is to be released on Blu-ray for the first time this year by Twentieth Century Fox Home Entertainment.
"Richard Burton remains one of the greatest actors of his generation whose iconic voice, rugged good looks and talent knew no bounds," Mary Daily, president of worldwide marketing and chief marketing officer for Twentieth Century Fox Home Entertainment, said in a statement.
"From 'My Cousin Rachel,' which cemented Burton as a Hollywood leading man, to 'The Robe' and the blockbuster 'Cleopatra,' Burton is an integral part of the 20th Century Fox legacy and we look forward to celebrating his contribution to stage and film with the country of Wales and the rest of the world."
"We're pleased that Richard Burton will be recognized with a star on the Hollywood Boulevard," said Hilary Boulding, principal at the Royal Welsh College of Music & Drama. "The college is also grateful for public support to establish scholarships in Burton's name for talented young actors. He was -- and remains -- one of Wales' most famous sons. We're proud to be the home of the Richard Burton Theatre, helping to inspire a new generation of actors."