SAG-AFTRA announced that the actor would be recognised during the annual ceremony in January, according to the Hollywood Reporter.
The award, the guild's highest honour, is given to an actor who fosters the "finest ideals of the acting profession."
"I am thrilled to announce Morgan Freeman as this year's recipient of the SAG Life Achievement Award. Morgan showed us that true perfection is what a performer brings to the part," SAG-AFTRA president Gabrielle Carteris said.
"He is innovative, fearless and completely unbound by expectations."