The director has employed various techniques in a bid to bring his movies to life over the years, making stars appear as if they are sword fighting in mid-air in "Crouching Tiger", "Hidden Dragon" and creating a life-like tiger for his new adventure movie "Life of Pi".
The 58-year-old will be feted for all his hard work with the award on Feb 5, reports dailystar.co.uk.
Executive of Visual Effects Society Jeff Okun said, "Lee pushed the envelope of creation of visual effects for telling a story. In our generation, only Star Wars did that."
The inaugural trophy was handed to "Inception" moviemaker Christopher Nolan last year.