Black Sabbath will receive the Living Legend Award at the Classic Rock Roll of Honour in November.
The hard rock icons - Ozzy Osbourne, Tony Iommi and Geezer Buttler - will accept the prize at the Orange Amplification Presents The Classic Rock Roll Of Honour in association with currencies.co.uk at London's Roundhouse later this year.
Ozzy, 64, joked he was pleased with the recognition while he was still alive rather than receiving the nod posthumously.
He said: "It's good to be a living legend. It's better than being a dead one."
Meanwhile, Managing Director of Team Rock Chris Ingham explained the award was a testament to both the metal legends' influence and the success of their new album '13', which is nominated for Album of the Year.
He commented: "We're delighted to welcome Black Sabbath to collect our Living Legend Award.
"It's wholly deserved as not only do they have a career to celebrate, but Ozzy, Geezer and Tony blasted back with a brilliant new album in 2013 that reminded us all how it should be done."
The group are also up for both Band and Event of the Year - the latter for their record reaching Number 1 in the UK Album Chart.
The event on November 14 will be rounded off with a performance from glam rockers The Darkness.
Orange Amplification Presents The Classic Rock Roll Of Honour in association with currencies.co.uk nominations:
Best New Band:
Beware of Darkness
Deap Vally
Free Fall
Graveltones
Hey! Hello!
Hidden Masters
Houndmouth
Scorpion Child
The Temperance Movement
Walking Papers
Band of the Year:
Black Sabbath
David Bowie
Iron Maiden
The Rolling Stones
Status Quo
Album of the Year:
Black Sabbath - '13'
Black Star Riders - 'All Hell Breaks Loose'
Clutch - 'Earth Rocker'
David Bowie - 'The Next Day'
Deep Purple - 'NOW What?!'
Gary Clark Jr - 'Blak And Blu'
Queens of the Stone Age - '...Like Clockwork'
Rival Sons - 'Head Down'
Shooter Jennings - 'The Other Life'
Steven Wilson - 'The Raven That Refused To Sing'
The Virginmarys - 'King Of Conflict'
Von Hertzen Brothers - 'Nine Lives'
Reissue of the Year:
Blue Ãyster Cult - 'The Columbia Albums Collection'
Deep Purple - 'Machine Head 40th Anniversary'
Family - 'Once Upon A Time'
Fleetwood Mac - 'Rumours Deluxe'
Hawkwind - 'Warrior On The Edge Of Time'
King Crimson - 'Larks' Tongues In Aspic 40th Anniversary'
Manic Street Preachers - 'Generation Terrorists 20th Anniversary'
Moody Blues - 'Timeless Flight'
Sex Pistols - 'Never Mind The Bollocks 35th Anniversary'
Velvet Underground & Nico - six-disc edition
Event of the Year:
Joe Bonamassa's four London gigs.
David Bowie releases an album.
Mick Taylor joins the Stones at Hyde Park.
Black Sabbath hit No.1 in the album chart.
Film/DVD
Ginger Baker - 'Beware Of Mr Baker'
The Rolling Stones - 'Crossfire Hurricane'
Dave Grohl - 'Sound City Players'
The Undertones - 'Good Vibrations'
Led Zeppelin - 'Celebration Day'
Status Quo - 'Bula Quo!'
BB King - 'The Life Of Riley'
Tagged in Black Sabbath The Darkness