Kennedy, who will be honoured with her producer husband Frank Marshall, will be the first woman to receive the Irving G Thalberg Memorial Award that is given to film producers annually for their body of work.
Kennedy and Marshall co-founded Amblin Entertainment with director Steven Spielberg in 1981, producing box office hits that went on to become movie favourites including "ET The Extra Terrestrial," "Raiders of the Lost Ark," "Jurassic Park" and "The Colour Purple."
In 2012, Kennedy became president of Lucasfilm, reviving the "Star Wars" space saga and producing new hits "Star Wars: The Force Awakens," "Star Wars: The Last Jedi" and "Rogue One: A Star Wars Story."
Argentinian musician Lalo Schifrin, the composer of movie scores like "Dirty Harry," will also receive an honorary Oscar for lifetime achievement, along with publicist Marvin Levy, who has worked with Spielberg for more than 40 years.
The Academy of Motion Picture Arts and Sciences, which organises the annual Oscars, said in a statement the honorary awards would be presented at a gala dinner in Los Angeles in November.