The Prince of Asturias Foundation said Wednesday that Muti was "one of the best classical music directors in the world" and highlighted "the passion and virtuosity with which he has conducted the most prestigious orchestras."
Muti also won the $1 million Birgit Nilsson Prize earlier this year.
Eight Asturias prizes are awarded each year covering the arts, human rights, sciences and sports.
They include a euro50,000 ($74,000) cash award and a sculpture by Joan Miro. They are presented by Spain's crown prince each autumn in Oviedo.
U.S. sculptor Richard Serra won the arts award last year.
