The "Four Weddings and a Funeral" star said it was "a lovely surprise and a great honour" to be recognised, reported BBC online.
Grant, 55, received his accolade at the annual BFI chairman's dinner on Tuesday at London's Corinthia Hotel.
Recent Fellowship recipients include the director Stephen Frears, with whom Grant recently worked on comic biopic Florence Foster Jenkins.
Grant, whose other hit films include "Notting Hill" and "Love Actually", was presented his award by film producer Eric Fellner, co-chairman of Working Title.
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"His success has helped British film as a whole carve out a place in the world with a distinct quality that easily rivals the best to come out of Hollywood and other countries," he continued.
Those sentiments were echoed by BFI chairman Greg Dyke, who praised Grant's "impeccable comic timing and... Unique, ironic, self-deprecating and very British charm".
"Hugh always pulls off the hardest thing of all - a seemingly effortless performance," he continued.