The Academy Award-winning actor was named an honorary Commander of the Order of the British Empire, or CBE, for services to drama.
Spacey said he was "hugely delighted" to receive the medal in a ceremony Wednesday at Charles' London residence, Clarence House.
Spacey has led the Old Vic since 2003, and has been praised for restoring the fortunes of the 200-year-old venue.
He also has won acting Oscars for "The Usual Suspects" and "American Beauty."
After the ceremony, Spacey stressed his belief "that arts and culture are a hugely important part of our lives."
Honorary awards are made to foreign nationals in recognition of exceptional service to Britain.
