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The Academy of Motion Picture Arts and Sciences will pay homage to the 83-year-old filmmaker during ABC's live broadcast on March 7.
Corman told The AP that he is "truly surprised" by the announcement.
"I felt the academy would not give an award to someone who made low-budget films," he said.
The indie producer is recognised for giving opportunities to then-unknown directors Francis Ford Coppola, Martin Scorsese, James Cameron and Ron Howard.
His credits include The Masque of the Red Death and X: The Man with the X-Ray Eyes.
Corman is currently producing Splatter, a Netflix original webseries starring Corey Feldman and helmed by Joe Dante.
More: Roger Corman, Movies
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