Gaga was handed the LennonOno Grant for Peace in memory of the late Beatle in Reykjavik, Iceland on October 9, Lennon's birth anniversary, reported Aceshowbiz.
The 26-year-old singer was applauded for her tireless effort to support the LGBT community.
"She is not only an artist, she is also an activist, using her art to bring better communication to the world," Yoko said.
"I'm supremely honored to accept this grant and award today on behalf of youth empowerment around the world. I will be donating this grant to the Elton John AIDS Foundation and I will be working closely with them to ensure that the money goes specifically to those orphans and disadvantaged youth in America born with HIV or AIDS," said Gaga.
The "Judas" hitmaker also recalled her childhood of living just a few blocks from Ono in New York and finding inspiration from the famous family.
"When I turned 19, I got (a peace sign) tattoo to remind me that if ever I was to gain the attention of the critical mass, even in an exponentially smaller way than John had, that I would commit myself to breeding compassion from my voice," she said.
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On Twitter, the singer wrote, "Thank you @yokoono now i can do more, because of you. Today was happiest day i've ever had. Here's me with my LennonOno Peace Prize. Yoko says, its a piece of the sky."
She also posted a picture of her holding the LennonOno prize.