The singer - who has had a new chapter in his career thanks to three series as a coach on BBC1's The Voice - will be given the prize at the annual O2 Silver Clef Awards next month.
Other newly announced recipients include long-serving duo Chas & Dave, who will be given the Icon Award at the event, organised by music therapy charity Nordoff Robbins and to be staged at the London Hilton.
The pair - known for hits such as Rabbit, Gertcha and Ain't No Pleasing You - released their first new album for 27 years last year and recently headlined the Royal Albert Hall.
Chas Hodges and Dave Peacock said in a statement: "Thank you to all at Nordoff Robbins for the award. It's an honour for us to be recognised by an organisation that brings so much joy to people's lives through music."
Sir Tom, who celebrates his 74th birthday on Saturday, scored his first number one - It's Not Unusual - back in 1965.
He said: "To be presented with the Lifetime Achievement Award is a great honour, and to be included amongst the other fantastically talented artists is a real pleasure."
The awards event will also present Laura Mvula with the best newcomer award.
Previously announced winners for this year include Pharrell Williams and Gareth Malone.
Emma Banks, the chairman of the Nordoff Robbins O2 Silver Clef committee, said: "Congratulations to Sir Tom Jones, Laura Mvula and Chas & Dave. One of the reasons that this awards event is so special is because we have such a diverse range of talent represented - this really is the best of British."