"Sherlock Holmes" star Law will be feted with the Variety Award, a special prize given to an individual who has brought international attention to the British movie scene, and veteran Gambon will be handed the Richard Harris Award for lifetime achievement, reported Daily Star online.
The prize will be particularly poignant for Gambon, who took over Harris' role as Professor Dumbledore in the 'Harry Potter' movies after the actor's death in 2002.
Previous recipients of the Richard Harris Award, which was introduced after the iconic star's passing, include Daniel Day-Lewis and Helena Bonham Carter.
Law and Gambon will receive their prizes at the BIFA awards ceremony in London on December 9.