Poitier has been acting for more than 50 years
Poitier, 74, was the first black person to win an Oscar for a leading role, in 1963's Lilies of the Field.
He has appeared in more than 40 films since 1949, including classics such as Blackboard Jungle, To Sir, with Love and Guess Who's Coming to Dinner.
Poitier was one of the first black actors to become a major Hollywood star and his roles frequently dealt with racial tension.
Academy president Frank Pierson said Poitier deserved his Oscar recognition for his "extraordinary performances and unique presence on the screen".
He added: "He represented the motion picture industry with dignity, style and intelligence throughout the world."
Plaudits
Poitier was born in Miami, Florida in 1927 before his family moved to the Bahamas.
He returned to the US at the age of 15, later joining the Army and serving in World War II as a medical assistant.
After moving to New York he eventually went into acting, receiving plaudits for his first stage role in an all-black production of Lysistrata.
In 1950 he starred in his first film, No Way Out.
He became a household name as the first black man to be nominated for a best actor Oscar for 1958's The Defiant Ones.
Five years later he won the Academy Award for Lilies of the Field, which cemented his position as the leading black actor in Hollywood.
A succession of hit movies followed before he turned his hand to directing, making nine films including Gene Wilder's Stir Crazy and Bill Cosby in Ghost Dad.
His last big movie saw him play a CIA agent alongside Richard Gere and Bruce Willis in the 1997 thriller The Jackal.
Poitier was honoured earlier this month with the Living Legend Award at the annual Trumpet Awards, a ceremony recognising black achievement.
He also received a lifetime achievement award from the American Film Institute in 1992.
Previous recipients of honorary Oscars include Paul Newman, Satyajit Ray, Akira Kurosawa, Sophia Loren, James Stewart and Henry Fonda.
The Oscar will be presented at the 74th Academy Awards on 24 March.