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The group, which aids struggling musicians, has chosen McCartney as its 'Person of the Year'.
McCartney will be presented with the award at a gala concert to be held during Grammy week in February 2012.
The former Beatle declared that he's very proud to receive the honour, saying: "I've been given a great gift - a life making music - and it's my privilege to try to make the world a better place by giving back.
"For more than 20 years, MusiCares has helped so many music people in times of crisis - whether with emergency financial assistance or access to addiction recovery resources - and it is an honour to be recognised as the 2012 'MusiCares Person of the Year'."
McCartney has championed many charitable causes, including animal rights and anti-landmine campaigns.
Elton John, Billy Joel, Bono and Sting have all previously been named 'MusiCares Person of the Year'.
Last week, McCartney's daughter Mary welcomed her and husband Simon Aboud's new son Sid.
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Watch Paul McCartney and Ferry Aid perform the charity single 'Let It Be' below:
