Close will receive the Golden Icon honour on October 1, according to The Hollywood Reporter.
The actor will also present her new film "The Wife" at the Swiss festival. The film is about a woman who decides to leave her husband while travelling to a prestigious award ceremony.
Close is best known for her roles in "Fatal Attraction", "Dangerous Liaisons" and "Albert Nobbs".
"From her commanding portrayal of Patty Hewes in 'Damages' to the glorious Marquise de Merteuil in Stephen Frears' 'Dangerous Liaisons' via Alex Forrest and Cruella De Vil, Glenn Close has brought her extraordinary presence to countless memorable roles over a truly formidable career," said festival co-directors Nadja Schildknecht and Karl Spoerri.