The 'All For Love' rocker is to receive the honour on March 21 in a ceremony to be held outside The Musician's Institute, according to a statement on the Hollywood Chamber of Commerce's website.
During the presentation, legendary hockey star Wayne Gretzky will offer a tribute to his long-time friend. Adams performed during Gretzky's final hockey game in 1999.
Since releasing his debut single 'Let Me Take You Dancing' in 1979, the Canadian singer has notched up more than a dozen US top 20 hit singles including 'Cuts Like A Knife', 'Summer of '69' and 'Have You Ever Really Loved A Woman?'.
Earlier this week, Adams confirmed speculation that he and girlfriend Alicia Grimaldi are expecting a child.