The 63-year-old attended an event held in his honour at the Los Angeles Convention Centre, hosted by Jon Stewart.
MusiCares is the charitable arm of the Grammy Awards' governing body the Recording Academy. It provides financial and healthcare support to those struggling in the music community.
Springsteen has supported many charities over the years, including those tackling homelessness and hunger and helping veterans. He also participated in the Hurricane Sandy benefit concerts last year.
Sting, Neil Young, Jackson Browne, Kenny Chesney, Faith Hill, Elton John, Tim McGraw and Patti Smith performed at the gala, as well as Springsteen himself.
He was joined by wife Patti Scialfa on vocals and guitar as he performed hits including 'Born to Run', 'Glory Days' and 'We Take Care of Our Own'.
Springsteen auctioned off a signed guitar earlier in the evening, with bids reaching $250,000 after he included a free guitar lesson, a ride in the sidecar of his Harley Davidson motorbike, eight concert tickets and one of his mother's lasagnes.
Bono, Tony Bennett, Aretha Franklin and Paul McCartney have all won the coveted award in the past.
Watch Bruce Springsteen's video for 'Dancing In The Dark' below: