The award was established by Shakespeare's Globe in 1994 to honour the work of individuals who have increased the understanding and enjoyment of the celebrated playwright.
Pacino, 86, is known for his starring roles in films such as Scarface and the Godfather trilogy, as well as celebrated performances in many of Shakespeare's plays.
These include as Shylock in The Merchant Of Venice, Mark Antony in Julius Caesar, and the title role in Richard III.
"Throughout my life, the theatre has given me a sense of purpose and belonging, and Shakespeare has always been a guiding force in that journey," Pacino said.
"His writing, in all its dimensions, has been a continuing presence in my life, and so many others.
"To receive the Sam Wanamaker Award at Shakespeare's Globe - a living testament to Sam's passion and dedication to the theatre - is a profound honour.
"I'm deeply grateful."
Pacino is due to play King Lear in the upcoming film Lear Rex, which will also star Jessica Chastain and Ariana DeBose.
Pacino wrote and directed the 1996 documentary Looking For Richard, which explores the relevance and accessibility of Shakespeare's work for contemporary audiences.
He has won two Emmys and two Tonys, as well as the best actor Oscar for his performance in Scent Of A Woman in 1993.
His latest award is named after the Globe's founder, Sam Wanamaker.
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