MTV announced the news on Thursday that they wanted to honor the eight-time Grammy winner when the show airs August 28 from New York City's Madison Square Garden.
The singer took to Twitter to say how "honored" she is to win the prestigious award.
The Vanguard -- MTV's lifetime achievement award -- was given in 1984 to David Bowie, the Beattles and Richard Lester. It was renamed after Michael Jackson in 1991.
