The ceremony, which takes place on March 26, will honour the comic actor for his work in film, television, stand-up and sketch shows.
Casey Patterson, executive producer and executive vice president of event production at MTV Networks Entertainment Group, said: "Eddie Murphy's impact in the world of comedy is immeasurable.
"From the characters he created on Saturday Night Live, to his groundbreaking stand-up performances and unforgettable film roles, Murphy changed the game forever and we're honoured that he will be joining us for the first ever Comedy Awards."
Murphy was recently nominated for a Kids' Choice award for his performance as Donkey in Shrek Forever After.
The Comedy Awards organisers also confirmed awards presenters including The Daily Show's Jon Stewart, 30 Rock star Tina Fey and South Park creators Matt Stone and Trey Parker.
The Comedy Awards will air on Sunday, April 10 across MTV's network of channels. 30 Rock leads the nominations with seven nods across the TV categories.