Springsteen will be honoured for his humanitarian work in Los Angeles on February 8 as part of the run-up to the 2013 Grammy Awards.
The Daily Show's Jon Stewart is overseeing the charity concert, which will also feature performances by Sting, married singers Tim McGraw and Faith Hill, John Legend and Tom Morello.
Patti Smith, Jackson Browne, Alabama Shakes, Natalie Maines of the Dixie Chicks, Kenny Chesney and Juanes are also slated to take the stage at the LA Convention Centre.
All proceeds from the event will benefit people in the music industry who are in need of medical treatment, financial aid or personal assistance.
MusiCares began recognising its 'Person of the Year' award in 1991, with David Crosby receiving the very first award.
The organisation has subsequently recognised Gloria Estefan, Elton John, Paul Simon, Stevie Wonder, Bono, Sting and Paul McCartney.
Watch Bruce Springsteen perform 'We Take Care of Our Own' below: