The Academy of Motion Picture Arts and Sciences made the announcement today, September 1, 2016.
The 62-year-old would be receiving the award at the 2016 Governors Awards alongside other recipients.
The Hong Kong indigene has been involved in Hollywood movies such as "Kung Fu Panda," "The Karate Kid" and the "Rush Hour" franchise.
Chan and others will be receiving the honorary Oscar statuette recognising their lifetime contribution to film at a gala taking place in Los Angeles in November.
In August, Chan was ranked as the second-highest-paid actor in the world by Forbes with estimated earnings of $61 million in 2016, next to Dwayne Johnson.
After making his debut at the age of 8, and has acted, written and directed over 30 martial arts movies in Hong Kong.