Stars Richard Gere and Halle Berry will receive 2006's Hasty Pudding award for a "lasting and impressive contribution to the world of entertainment".
Berry will lead the traditional student parade next month
Harvard Universty's Hasty Pudding Theatricals, the oldest undergraduate drama troupe in the US, hands out the pudding award each year.
Actress Berry, who won an Oscar for her part in Monster's Ball, will lead a parade through Harvard next month.
Last year's recipients were actors Tim Robbins and Catherine Zeta Jones.
Gere is dedicated to promoting Tibet's endangered culture
Gere, 56, won a Golden Globe for best actor in a comedy or musical, for his performance in the Oscar-winning film Chicago.
His best-known film work includes An Officer and a Gentleman, American Gigolo and Pretty Woman.
The actor is also the founder of the Gere Foundation, which contributes to health education and human rights projects and is dedicated to promoting awareness of Tibetan culture.
Berry, 39, will reprise her role as Storm in the forthcoming X-Men sequel, X3, due to be released in the US in May.