Charlize Theron and Joaquin Phoenix are to be honoured at the Hollywood Awards gala on 24 October in Los Angeles.
Joaquin Phoenix plays the late Johnny Cash in Walk the Line
Theron will be named best actress for her performance in North Country as a miner fighting sexual harassment.
Phoenix, meanwhile, will be crowned actor of the year for playing the late Johnny Cash in biopic Walk the Line.
Now in their ninth year, the awards - part of the Hollywood Film Festival - honour both independent filmmakers and established industry professionals.
Inaugurated in 1997, the festival was created to "bridge the gap between Hollywood and the global creative community".
Matthew Broderick and Susan Sarandon will collect supporting actor awards this year for their work in The Producers and Elizabethtown respectively.
The Hollywood World Award, meanwhile, will honour the film considered to be the best international release of the year.
Last year's event saw John Travolta, Mel Gibson, Leonardo DiCaprio and Annette Bening take home prizes.