The ceremony is set for Nov. 30 at Capitale.
The award "honors the achievements of a trailblazing female recording artist over the past 12 months, and acknowledges her overall success in the music business and her leadership in embracing the changing industry," the magazine said in a news release.
"Katy Perry broke into the industry not even five years ago, and has already accomplished more than most artists can hope for in an entire career," Bill Werde, Billboard's editorial director, said in a statement Tuesday. "We are thrilled to celebrate these incredible achievements and her amazing past 12 months by honoring her with the Billboard Woman of the Year Award. With what seems like a never-ending supply of record-breaking, chart-topping hits, coupled with her unique and fresh style, Katy Perry is hands-down one of the most exciting and inspiring artists in the industry today."
Perry, 27, is a Grammy Award-winning singer known for her songs "Wide Awake," "I Kissed a Girl," "Hot n Cold," "Waking Up in Vegas," "Teenage Dream," "California Gurls," "Firework," "E.T." and "Last Friday Night (T.G.I.F.)"