Grade, the former BBC chairman, ITV executive chairman and Channel 4 chief executive, will receive the accolade on May 19 during a black tie event at the St Pancras Renaissance Hotel.
In a statement, The Media Society said: "Michael Grade has earned a huge place in the history of British television over the past 40 years. He has led all three of Britain's terrestrial broadcasting organisations with great distinction.
"As Marketing Week commented when he moved on from Channel Four, 'Braces and cigar were apt symbols of a rare combination of talents: creative thinking and business nous'."
Speakers at the event will include writer and comedian Barry Cryer, broadcaster William G. Stewart and John Whittingdale MP, who chairs the Commons Culture, Media and Sport Committee.
Each year The Media Society honours one person who it feels has made an outstanding contribution to the British media.
The first award, 17 years ago, was given to the late Alistair Cooke KBE, and subsequent recipients have included Sir David Attenborough, David Dimbleby, Jenni Murray, Sir Michael Parkinson and Jeremy Paxman. Last year's recipient was Lord Melvyn Bragg.
Over the weekend, Michael Grade criticised Top Gear presenter Richard Hammond for his "disgraceful" remarks about Mexicans on the show three weeks ago.