The honor is slated to be presented at a gala dinner on April 25. TNT will televise it on May 7.
"Julie Andrews is practically perfect in every way," Kathleen Kennedy, chair of the AFI board of trustees, said in a statement. "Her talents across time have inspired a shared sense of joy across generations, and her gifts to our cultural heritage are a testament to the power of this art form to bring us together when we need it most. AFI is proud to sing her praises with its 48th Life Achievement Award."
Andrews' other credits include the Shrek and Princess Diaries franchises, as well as the films The Boyfriend, Camelot, The Americanization of Emily, Victor/Victoria, Thoroughly Modern Millie, Enchanted and Aquaman.
The 83-year-old actress and singer has won five Golden Globes, three Grammys and two Emmys throughout her career.