The 'On The Floor' hitmaker will receive the Icon Award at the ceremony later this month and will be the first woman to be recognised with the honour.
Previous winners of this award were Neil Diamond, Stevie Wonder and Prince, reported Billboard magazine.
"Jennifer Lopez is one of the most iconic performers of her generation. We are thrilled to honour her historic career with the 2014 Icon Award and will be on the edge of our seats like everyone else when she takes the stage," said Larry Klein, producer of the music award.
'First Love' is taken from her forthcoming album AKA, which is expected to include her recent singles like 'I Luh Ya Papi', 'Same Girl' and 'Girls'.