The SAG Awards ceremony, which honors excellence in film and television, will be broadcasted live from Los Angeles on TNT and TBS on Jan. 19 at 8 p.m. EDT.
DiCaprio and De Niro have starred together in 1993's This Boy's Life, 1996's Marvin's Room and a 2015 short from director Martin Scorsese titled The Audition.
The Life Achievement Award is the highest honor presented by SAG-AFTRA, or the Screen Actors Guild-American Federation of Television and Radio Artists.
"I have been a member of this union for over 50 years. It's an honor to receive this award for SAG-AFTRA," De Niro previously said in a statement.
Alan Alda received the Life Achievement Award last year.