Dench, who won a supporting Oscar as Elizabeth I in "Shakespeare in Love," will receive the Crystal Globe award for her outstanding contribution to world cinema while Turturro will get the festival's President award.
A jury led by Hungarian director Istvan Szabo will pick the winner from among 12 movies in the main competition for the top prize, the Crystal Globe.
The entries include a U.S.-Canadian film "Collaborator" directed by Martin Donovan and Israel's "Restoration" directed by Joseph Madmony.
The festival known for its relaxed atmosphere features almost 200 movies and runs from Friday through July 9.