The Oscar winner will be honoured with the Golden Bear award at a screening of her recent movie The Iron Lady on February 14, reports AP.
The Berlin Film Festival will also feature past pictures starring the actress such as Kramer vs. Kramer and Sophie's Choice.
Festival director Dieter Kosslick said: "Meryl Streep is a brilliant, versatile performer who moves with ease between dramatic and comedic roles."
The event will be held from February 9 to February 19.
Streep, who plays the former British Prime Minister Margaret Thatcher in The Iron Lady, revealed that she accepted the role because there's no part like Thatcher.
The actress was recently recognised at the 34th Annual Kennedy Centre Honors, where she was serenaded by her Devil Wears Prada co-stars Anne Hathaway, Stanley Tucci and Emily Blunt along with actor Kevin Kline.
Watch the trailer of The Iron Lady below: