The "Notting Hill" actor has been named the recipient of the festival's prestigious Golden Icon Award in recognition for his career achievements, reported Variety.
"Hugh is as beloved a star as there is in the world of film," said festival directors Karl Spoerri and Nadja Schildknecht in a statement.
"His uncanny charm and charisma have fuelled memorable performances for decades, but in watching his amazing body of work, the depth of his acting is unmistakable and equally as memorable."
The 55-year-old actor follows in the footsteps of previous winners such as Arnold Schwarzenegger, Hugh Jackman, Sean Penn, Richard Gere, and Morgan Freeman.
The festival runs between September 22 to October 2.