Lopez is the fourth artist and the first woman to receive the Icon Award for their contributions to popular music. Past winners include Neil Diamond, Stevie Wonder and Prince.
"Jennifer Lopez is one of the most iconic performers of her generation," Larry Klein, producer of the Billboard Music Awards telecast, said in a statement. "We are thrilled to honor her historic career with the 2014 Icon Award and will be on the edge of our seats like everyone else when she takes the stage."
The 2014 Billboard Music Awards show is to be broadcast live from the MGM Grand Garden Arena in Las Vegas May 18.