It's MTV's highest honour and is known as the Michael Jackson video vanguard award.
Last year Kanye West won the trophy, with Beyonce, Justin Timberlake and Britney Spears previously getting it.
"[The award] reflects an artist's impact not just on music but on pop culture, fashion, film and philanthropy," says MTV.
She will also perform at the ceremony in New York, as well as being nominated for best collaboration and best female video.
Beyonce leads the nominations though with 11 nods, while Adele is up for eight.
