The Colombian singer and seven-time Latin Grammy winner will be honored Nov. 9 at the 12th annual Tribute Gala in Las Vegas for her artistic and philanthropic contributions.
As part of the ceremony, friends and other notable artists will salute her by performing versions of her songs during the gala.
Shakira is up for three awards, including for album of the year, a day later at the Latin Grammys. The show will be broadcast live on the Univisión Network.
At 34, Shakira becomes the youngest ever recipient of the Latin Grammys Person of the Year award. Previous winners include Placido Domingo, Carlos Santana, Gloria Estefan, Julio Iglesias and Ricky Martin.
Shakira called the award "truly an honor" in a statement released Monday.
Shakira's philanthropic efforts include the founding of the Pies Descalzos Foundation, a charity providing special schools for underprivileged children in Colombia.
Through her foundation, more than 5,000 students receive nutritious meals, education and psychological support services, ultimately benefiting 30,000 vulnerable children, their families and community members.
She also helped form ALAS (América Latina en Acción Solidaria), which is a coalition of artists and business leaders who are urging governments to increase their spending on early childhood development.
Shakira is a UNICEF Goodwill Ambassador, chosen for her involvement in global issues and her commitment to helping children.
Based on reporting by the Associated Press