White will be the butt of jokes about her life and career at a gala to be held on May 16 in New York City.
Walters commented that she was proud to accept the role of roastmaster because of her family's long connection to the Friar's Club.
"My father was a proud Friar for a great many years," she told Page Six. "I am proud to be the roastmaster for Betty, as she paves the way for all youngsters and adds some sex appeal to this dignified pillar of society."
Walters also promised an unforgettable evening for those who attend the roast.
"It will be an afternoon filled with dirty words, risque jokes and sex talk... and that's just what I plan on saying," the journalist quipped.
Jerry Lewis, Billy Crystal, Donald Trump and Matt Lauer have all previously been roasted by the Friar's Club.
> Barack Obama asks Betty White for long-form birth certificate: Video
> Betty White reveals crushes on Robert Redford, George Clooney