The nation's oldest undergraduate drama group will present the pair with its traditional brass "Pudding Pots" at separate ceremonies next month.
Scorsese was selected for making "some of the most noteworthy films of our time," the student organization said in its announcement.
The Academy Award-winning Houston, a critically acclaimed actress and director, was chosen for her "diverse and distinguished body of work."
Huston will be feted with a parade through Harvard Square, accompanied by male Hasty Pudding members dressed in drag, on Feb. 6.
Following the parade Huston will face a good-natured "roasting" at the Hasty Pudding Theater.
The group will fete Scorsese on Feb. 13.
The "Man and Woman of the Year" awards are presented annually to performers who have made a "lasting and impressive contribution to the world of entertainment."
Huston has starred in such feature films as Frances Ford Coppola's "Gardens of Stone"; Woody Allen's "Manhattan Murder Mystery" and "Crimes and Misdemeanors"; and Disney's "The Addams Family" and "The Addams Family Values."
She received the Academy Award for Best Supporting Actress for her work in "Prizzi's Honor."
Huston was most recently seen in "The Royal Tenenbaums" and "Bloodwork."
Scorsese's list of top films includes "Taxi Driver," "New York, New York," "The Color of Money," "Cape Fear," "The Age of Innocence," "Goodfellas" and "Casino."
His most recent project was "Gangs of New York," for which he won the Golden Globe award as best director.
Established in 1951, the "Woman of the Year" award has been granted to entertainers such as Meryl Streep, Glenn Close, Katherine Hepburn, Julia Roberts, Jodie Foster, Meg Ryan, and last year's winner, Sarah Jessica Parker.
(For more information, see Web site: hastypudding.org).