A number of Hollywood stars attended the gala on January 4 at the convention center in Palm Springs, California, reported Variety.
Bullock, 49, who was praised for her role in 'Gravity', was handed the Desert Palm Achievement Award along with 'Dallas Buyers Club' actor Matthew McConaughey.
Streep picked up Icon Award, and 'Captain Phillips' actor Hanks was given the Chairman's Award.
During her acceptance speech, Bullock cracked a joke about one of the rumours she found when googling herself on the internet.
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Streep, was humbled by her award and said, "I don't feel like an icon. Most of the days I feel like 'I can't.'"
Hanks, who received his award from Julia Roberts talked about his experiences of shooting his two high-profiled movies 'Captain Phillips' and 'Saving Mr Banks'.
Roberts herself took home Spotlight Award, presented by her 'August: Osage County' co-star Ewan McGregor.
Other winners were U2's Bono for Visionary Award, Lupita Nyong'o for Breakthrough Performance Award, 'American Hustle' cast for Ensemble Performance Award, and 'Saving Mr Banks' composer Thomas Newman for Frederick Loewe Award for Film Composing.