The 46-year-old "Cinderella" actress will receive the honour at the BFI London Film Festival's awards ceremony on October 17, reported Variety.
"Truth," starring her and Robert Redford, will have its UK premiere on the same night. Her another film "Carol," which premiered at Cannes, is will also get a gala screening at the festival.
"Cate Blanchett is a compelling and brave actress whose mesmerising screen presence has captivated audiences since her earliest roles. We are absolutely delighted to honour her extraordinary talents with a BFI Fellowship at this year's LFF awards," Greg Dyke, chairman of the BFI,said in an statement.
The "Elizabeth" actress will join the likes of Al Pacino, Mel Brooks, Christopher Lee, Tim Burton,Stephen Frears and Helena Bonham Carter who were also awarded BFI Fellowships.