The 49-year-old singer and actress will receive the gong at a ceremony in NY on August 20.
The Video Vanguard Award is given to artists to honor their vast catalog of music videos.
JLo holds the record of selling over 80 million records worldwide along with three numero uno albums in her list of accomplishments. J-Lo responded "It is unbelievable, honestly". I can't even believe it.
The singer, dancer and actress also is set to perform live at the VMAs for the first time since 2001, MTV said in a press release.
On the show, she also had some good advice to share with the audience after one of her fans, Heidi, asked what she would tell young women who want to be successful.
Reacting to this news, Lopez said: "It is wonderful, honestly".
"I just don't let up".