The Academy of Motion Picture Arts and Sciences' Board of Governors voted this week to give Winfrey its Jean Hersholt Humanitarian Award for her contributions to charitable causes.
Jerry Lewis, Frank Sinatra and Elizabeth Taylor are among previous recipients of the Jean Hersholt Humanitarian Award.
James Earl Jones and make-up artist Dick Smith have also been awarded honorary Oscars.
Winfrey, Jones and Smith will pick up their trophies at the third annual Governors Awards at the Hollywood & Highland Centre on November 12.
Winfrey was previously nominated for a 'Best Supporting Actress' Academy Award for her performance in 1985's The Colour Purple.
The 2012 Academy Awards ceremony will be held on February 26 from Hollywood's Kodak Theater.
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Watch a clip of Oprah Winfrey in The Colour Purple below: