The American icon was announced as the next recipient of the 80-year old Academy's highest honour on Tuesday, in recognition of the impact his career has had on the cultural landscape of the UK.
In the past half century, the Born to Run musician has sold more than 140 million records worldwide - from his 1973 debut Greetings from Asbury Park, NJ to his most recent studio album Only the Strong Survive in 2022 - with a liberal dusting of top honours along the way, including 20 Grammys, an Oscar and the Presidential Medal of Freedom.
Springsteen, 74, said he was proud of the honour in a statement released by the academy.
"In addition to recognising my songwriting, the award stands as a tribute to the fans and friends who have supported me and my work for the last 50 years," he said.
"This entire country has made me feel welcome every step of the way, and for this, I will always remain deeply appreciative."
The news comes a week after Springsteen's triumphant return to the stage with the E Street Band in Phoenix, Arizona, for a nearly three-hour set.
Springsteen announced in September he was pausing his tour, citing doctor's advice as he recovered from peptic ulcer disease.
Springsteen will receive his newest award at The Ivors ceremony in London on May 23, where the winner of the 2024 Ivor Novello will also be announced.
Nominees for the prestigious songwriting prize will be announced on April 23.
Springsteen becomes the 27th Fellow of the Academy, joining previously inducted songwriting icons such as Paul McCartney, Kate Bush, Joan Armatrading and Sting.
While he will be the sole songwriter to hail from outside Britain, the fellowship also includes American composer John Adams and French composer and conductor Pierre Boulez.
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