The Take That singer and X Factor judge will be handed an honorary award by the MIT in November for his services to the recording industry.
"He is one of the UK's most accomplished artists - a unique musician, songwriter and producer who embodies both success and distinction, and who serves as a dedicated ambassador for many charities," said David Munns, chairman of the award committee.
"I can't think of another artist who works with both Simon Cowell and Her Majesty The Queen."
Jools Holland won last year's prize, while Sir Elton John, Kylie Minogue and Sir Tom Jones are among previous winners.
The 21st Music Industry Trust Awards will take place on November 5.
Watch the music video for Take That's 'Rule The World' below: