Organizers called the fellowship the highest honor bestowed by the British Academy of Film and Television Arts.
Palin, 70, is an English comedian, actor, writer and television personality. He is to receive the BAFTA fellowship at this weekend's ceremony at the Royal Festival Hall.
"Michael Palin, ex-Python, writer, presenter and BAFTA-winning actor whose amiable on-screen manner belies the seriousness of his craft, has made an incredible contribution to the medium over five decades. There are few individuals more worthy than Michael of the fellowship, the highest honor the academy can bestow," BAFTA Chairman John Willis said in a statement.
Palin is a founding member of Monty Python and co-starred in the television show "Monty Python's Flying Circus," as well as the films "Monty Python and the Holy Grail" and "Life of Brian."
"A BAFTA fellowship is a very high honor for anyone working in television. I'm well aware that any success I've had is down to team work. I've been blessed throughout my career with the inspiration and support of others. The fellowship is for all of us," Palin said.