The lifetime achievement award will be presented to Big B, 71, by singing legend Lata Mangeshkar, who also completes 71 years in the music industry, read a statement.
Lata and Big B shared the stage in 2011 when Amitabh gave an award to India's nightingale for her contribution in the music world. Lata's younger sister Asha Bhosle was honoured with the same award last year.
The musical evening, which will take place Oct 26 in Mumbai, is organised by NGO Hridayesh Arts, which shares a deep bond with singer-composer Hridaynath Mangeshkar - Lata's brother, the youngest of the five Mangeshkar siblings.
The event will also coincides with the 24th anniversary of the NGO.
The musical event will see performances by singers like Sadhana Sargam, Bela Shende, Sudesh Bhosle, Radha Mangeshkar, Shaan and Sunidhi Chauhan.
Renowned voice-over artist Harsih Bhimani will anchor the show.