Martin, 60, was celebrated by previous winners Carl Reiner, Lily Tomlin and Lorne Michaels during the Sunday night ceremony taped for broadcast Nov. 9 on PBS stations, the Washington Post reported Monday.
In his acceptance speech, Martin said the Twain Prize is "the only significant American award for comedy -- except for money."
"When I look at the list of people given this award it makes me satisfied. When I see the list of those who haven't been given the award it makes me even more satisfied," he said.
Martin -- who coined the phrases "happy feet" and "excuuuuuse me," has a comedy writing Emmy for "The Smothers Brothers Comedy Hour," two Grammys for comedy albums and a Grammy for his banjo playing in the Earl Scrugg's video of "Foggy Mountain Breakdown."