The Zoolander star will be given the prestigious prize at a special gala on Thursday, November 15 at the Beverly Hilton Hotel.
All proceeds from the event will benefit the American Cinematheque's ongoing film presntations.
The group's president Rick Nicita said in a statement that Stiller is being honoured for his contributions to comedy.
Nicita commented: "Ben Stiller is a comedy icon whose wide-ranging talents include acting, directing, writing and producing.
"He entertains us in front of the camera with unforgettable performances in groundbreaking comedies such as There's Something About Mary and franchises like Meet the Parents and A Night at the Museum."
Julia Roberts, Samuel L Jackson and Matt Damon have received the American Cinematheque's career achievement award in previous years.
Stiller is currently appearing with Jonah Hill and Vince Vaughn in The Watch, now playing in the US and opening in the UK on August 24.
Watch a trailer for The Watch below: