The Tree of Life actress will receive the 'Spotlight Award' on January 7. The Palm Springs Festival will be held from January 5 to January 16.
Chastain, who recently said that she wants to continue to challenge herself, has starred in seven movies this year including The Help and The Debt.
She is one of 14 honourees at the film festival.
The rest of the recipients are composer Howard Shore along with actors George Clooney, Glenn Close, Gary Oldman, Brad Pitt, Octavia Spencer, Michelle Williams, Charlize Theron and Patton Oswalt, as well as screenwriter Diablo Cody and directors Stephen Daldry, Jason Reitman and Michel Hazanavicius.
Salmon Fishing in the Yemen, starring Ewan McGregor and Emily Blunt, will open the Palm Springs Festival.
Watch the trailer of Tree of Life below: