Oldman started out working in theatre in 1978 before moving into films, and he shot to fame with his acclaimed portrayal of punk icon Sid Vicious in 1986 biopic Sid & Nancy.
He has since enjoyed a variety of roles in blockbuster movies, including the Batman and Harry Potter franchises, and Palm Springs officials are to celebrate his contribution to Hollywood by handing him the prestigious award, according to the Hollywood Reporter.
Festival chairman Harold Matzner says, "Gary Oldman is a performer whose ability to portray the most extreme of characters is a testament to the enormity of his talent."
The 23rd annual Palm Springs International Film Festival runs from 5-16 January (12). The event's Awards Gala takes place on 7 January.