The Muppets star, who also plays Marshall on the CBS comedy How I Met Your Mother, will receive the honour from the Hasty Pudding Theatricals of Harvard University at an event on Friday, February 3.
In a statement announcing Segel as the recipient, the theatrical group described him as a "renowned actor, writer, and producer whose films have helped define the changing landscape of American comedy".
Segel began his career on the TV show Freaks and Geeks and has since written and starred in movies including the Kristen Bell/Mila Kunis comedy Forgetting Sarah Marshall and its spinoff Get Him To The Greek, starring Russell Brand.
Previous recipients of the 'Hasty Pudding Man of the Year' prize include Jay Leno, Justin Timberlake, James Franco, Robert Downey Jr and Richard Gere.
Homeland actress Claire Danes was named the 'Hasty Pudding Woman of the Year' earlier this week, joining previous recipients including Anne Hathaway, Julianne Moore and Charlize Theron.
> Jason Segel: 'My goal was to revive The Muppets'