The award will recognise the 'Run The World (Girls)' star's achievement both as a member of Destiny's Child and a solo performer.
Her career as the lead singer in Destiny's Child and her three chart-topping solo albums has gained her 16 Grammy Awards, as well as selling over 75 million records as a solo artist.
Beyoncé will collect her award ahead of the release of her fourth studio album, which is due out in June.
It was previously announced that this year's Billboard Awards will return to television and be broadcast on May 22 from 8pm to 11pm ET/PT on ABC.
It is expected that Rihanna, Jennifer Lopez and the Black Eyed Peas will perform at the ceremony, among others.