The award will be presented to the Scottish actor June 8 in Los Angeles.
Howard Stringer, chairman of the AFI Board of Trustees, called Connery "an artist of the highest order."
"Though best remembered for creating one of the great film heroes of all time, his talents transcend typecasting," Stringer said. "His body of work not only stands the test of time, but illuminates a career more extraordinary than James Bond himself."
Connery portrayed agent James Bond in six films from 1962 to 1971. He appeared in "The League of Extraordinary Gentlemen" in 2003.
Connery is the 34th recipient of the AFI Life Achievement Award, which was established in 1973.
Past recipients include Orson Welles, Bette Davis, Alfred Hitchcock, Sidney Poitier, Elizabeth Taylor, Jack Nicholson, Steven Spielberg, Clint Eastwood, Martin Scorsese, Robert DeNiro, Meryl Streep and George Lucas.