The recognition honours a person in the film industry for his or her lifetime work in motion pictures and television.
MacLaine, 78, joins past honourees such as Steven Spielberg, Clint Eastwood, Barbra Streisand, the late Elizabeth Taylor, Morgan Freeman and Tom Hanks.
The Valentine's Day's actress will be the first female to be honoured with the prestigious award since Streep accepted her Life Achievement Award in 2004.
The pair starred together in the 1990 comedy drama Postcards from the Edge, where Streep played MacLaine's daughter.
The 40th Life Achievement Award ceremony will be held on June 7 and will broadcast on TV Land on Sunday, June 24 at 9pm ET.
Watch the trailer for Postcards from the Edge below: