Actor and choreographer Debbie Allen and production designer Wynn Thomas also were selected for recognition by the board of governors of the Academy of Motion Picture Arts & Sciences.
The honorees will receive their Oscar statuettes at the annual Governors Awards gala in November.
Cruise, currently starring in Mission: Impossible - The Final Reckoning, was selected for his decades of work in Risky Business, two Top Gun movies and several other films. The accolade comes 35 years after he received his first Oscar nomination for Born on the Fourth of July and then later for Jerry Maguire (1997), as well as best supporting actor for Magnolia (2000).
"Tom Cruise's incredible commitment to our filmmaking community, to the theatrical experience, and to the stunts community has inspired us all," Academy President Janet Yang said in a statement.
Parton, a country music singer and star of movies including Steel Magnolias and The Best Little Whorehouse in Texas, will receive the Jean Hersholt Humanitarian Award for her charitable efforts.
Parton's Imagination Library has provided more than 284 million free books to children over 30 years, according to the organisation's website. She received two Oscar nominations for best song, for the films 9 to 5 and Transamerica.
Allen, an actor in movies such as Fame and Ragtime, choreographed the Academy Awards ceremony seven times and several films.
Production designer Thomas worked on several Spike Lee Films including She's Gotta Have It and Do the Right Thing, as well as best picture winner A Beautiful Mind.
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