The rapper will be honoured for his charity work at a ceremony to be held later this year.
Drake has announced that he will donate the Allan Slaight prize's $10,000 (£6,160) endowment to Dixon Hall, a Toronto community centre for unprivileged children.
'Headlines' musician Drake said of the honour: "I am a proud Canadian, and I am grateful to Canada's Walk of Fame and the Slaight Foundation for this award."
Jazz singer Nikki Yanofsky was 2010's recipient of the Allan Slaight Award.
Cash Money Records boss Bryan 'Birdman' Williams recently revealed that Lil Wayne and Drake are planning to collaborate on a new album.
Drake will release his sophomore album Take Care this fall.
> Nicki Minaj gives Drake a lapdance - video
> Drake: 'New rapper Kreayshawn has the flows'
Watch Drake and Lil Wayne's 'Miss Me' music video below: