The US singer-songwriter, dubbed The Boss, will become the 27th person to receive the academy’s highest honour during a ceremony at Grosvenor House in London on May 23.
The rock star will become the first international songwriter inducted into the fellowship in its 80-year history, following his “outstanding contribution to the craft of songwriting” and his “impact on the UK’s cultural landscape”.
“I’m proud to be the first international songwriter to be recognised by The Ivors Academy,” 74-year-old Springsteen said.
“In addition to recognising my songwriting, the award stands as a tribute to the fans and friends who have supported me and my work for the last 50 years.
“This entire country has made me feel welcome every step of the way, and for this, I will always remain deeply appreciative.”
Previous winners of the award include Sir Elton John, Kate Bush, and Joan Armatrading, alongside Genesis singer Peter Gabriel, Beatles star Sir Paul McCartney and former The Police frontman Sting, who received the award in 2023.
Springsteen has won 20 Grammys, an Oscar and a Tony award with a hit-filled back catalogue including Born In The USA, Dancing In The Dark, No Surrender, The Rising, Born To Run and Badlands.
In March last year, Springsteen was honoured with the US National Medal of Arts presented by US president Joe Biden – the highest award given to artists and art patrons by the federal government.
It came before he was forced to postpone several US tour dates in September with The E Street Band as he underwent treatment for peptic ulcer disease.
Tom Gray, chairman of The Ivors Academy, said: “There is no one more fitting than Bruce Springsteen to be the first international songwriter inducted into our Fellowship.
“Songwriters are powerful storytellers, who capture our lives, loves and hardships. Bruce has always told the greatest stories.
“The Fellowship marks the esteem in which he is held by all those who share his craft.”
A limited edition vinyl of The Best Of Bruce Springsteen in Jersey Devil Red will commemorate Springsteen being named an Academy Fellow on Amazon.
The 2024 Ivor Award nominees will be announced on April 23, ahead of the London ceremony on May 23.