Actor Robert Redford and singers Tony Bennett and Tina Turner are among the stars to receive honours from America's Kennedy Center in December.
Robert Redford has worked in Hollywood for several decades
Actress Julie Harris and ballerina Suzanne Farrell will also be honoured at the ceremony, attended by US President George W Bush.
Centre head Stephen A Schwarzman said their "contributions to our culture have transformed our lives".
Last year musician Sir Elton John and actor Warren Beatty received the award.
John F Kennedy Center for the Performing Arts is located near the White House in Washington, and hosts more than 3,300 performances a year, including films, stage plays, musicals, ballet, jazz, opera and classical music performances.
Hollywood veteran Redford, 68, star of films including The Sting and Butch Cassidy and the Sundance Kid, is also famed as a director and producer.
Tina Turner, 65, is one of the world's best-selling artists
He founded the Sundance Institute and the Film Foundation, which holds an independent film festival every year.
During its 24-year history, the festival has showcased successes such as Reservoir Dogs, The Blair Witch Project and The Full Monty.
Mr Schwarzman called Tony Bennett, 79, "a singer's singer whom even the great Frank Sinatra called the best there is" and said Turner's "sizzling talent and indomitable spirit has made her one of the world's best-loved entertainers".
Actress Julie Harris, 80, was nominated for an Oscar for her debut screen performance in 1952 in The Member of the Wedding and has won six Tony awards.
And dancer and dance teacher Suzanne Farrell, 60, who received the National Medal of Arts in 2003 for her ballet career, was described by Mr Schwarzman as having "profound artistry" which "has inspired the creation of masterpieces".