DiCaprio and Harrison will present Scorsese with the Critics' Choice Music+Film Award, which honours a filmmaker who has elevated his movies through the use of music. Dylan will perform a special musical tribute.
DiCaprio previously worked with the director on films such as Gangs of New York and The Departed, while Harrison co-produced Scorsese's George Harrison: Living in the Material World, a documentary film that focused on her husband, former Beatle George Harrison.
The awards show will be hosted by comedians Paul Scheer and Rob Huebel. Sean Penn will also be honoured at the awards show, receiving the Joel Siegel Award for his humanitarian work from George Clooney.
Scorsese was first announced as a recipient of the Music+Film Award in December. Quentin Tarantino received the prize last year.
Scorsese recently revealed that he is considering releasing his upcoming Frank Sinatra biopic in 3D in light of his positive experience with the medium for the film Hugo.
The Critics' Choice Movie Awards air Thursday, January 12 at 8pm ET on VH1.
Watch the trailer for Martin Scorsese's Hugo below: