Cardi B will be named Woman of the Year, an award given to artists whose music, performances, cultural influence and activism defined the year.
Parton, meanwhile, will receive the new Hitmaker Award. The award recognizes songwriters whose compositions have impacted the culture in a crucial way.
Jennifer Lopez will be honored with the Icon Award, Dua Lipa the Powerhouse Award, Chloe x Halle the Rising Star Award, Jessie Reyez the American Express Impact Award and Brianna Agyemang and Jamila Thomas the 2020 Executive of the Year Award.
Teyana Taylor is hosting the event, which will be live streamed from Billboard's website.
Parton recently made headlines for donating $1 million to the Vanderbilt University Medical Center in Nashville, which has helped U.S. biotech firm Moderna develop a COVID-19 vaccine.