The award will be presented on May 18 during a gala on Ellis Island.
He won back-to-back Primetime Emmy Awards in 2018-19 for his work on the HBO series Game of Thrones.
This year's induction ceremony will be held on Sept. 19 in Nashville.
Steve Aoki, Keanu Reeves, Hayao Mayazaki, Dev Patel, Bella Poarch and many more are also honored this year under the list's Entertainment and Media category.
Will you hear "Empire State of Mind" on the Tony telecast on June 16? It would be too perfect to pass up.
Will Butler, David Byrne and Hillary Rodham Clinton are among this year's nominees.
The inductees will be announced at The Celebrate Asia Festival, which is being held May 1, the first day of AAPI Heritage Month.
Jason Aldean, Kane Brown, Cody Johnson, Miranda Lambert and Thomas Rhett are also on board.
If both Beyoncé and Swift are nominated, this will be the second time the two superstars have faced off in this category.
The AMAs are the third major awards show that CBS has picked up in the past few years, following the CMT Music Awards and the Golden Globes.