The Recording Academy and the MusiCares Foundation said Wednesday that Streisand will receive the award Feb. 11 at a dinner and concert in Los Angeles.
The annual gala is among the festivities that will lead up to the 53rd annual Grammy Awards on Feb. 13. The awards show will air on CBS.
The 68-year-old Streisand has won eight Grammy Awards. She is being honored for her creative accomplishments and philanthropic work.
MusiCares was established by The Recording Academy in 1989. It helps people in the music industry during times of need.
James Taylor and Aretha Franklin are among those who have been previously honored with the award.