The former Beatle and 14-time Grammy winner will not only be honored for his music but also for his charitable side.
"McCartney exemplifies the phrase `artist/philanthropist,' and his extraordinary career is certainly a testament to the multifaceted power of his creative genius," said Recording Academy President and CEO Neil Portnow in a statement.
The gala will be held in Los Angeles on Friday, Feb. 10, 2012. The annual event celebrates a legend in the days before the Grammy Awards.
Previous honorees include Aretha Franklin, Barbra Streisand and Neil Diamond.
MusiCares was established in 1989 and helps musicians who are struggling due to financial, medical or other reasons.
McCartney says he's privileged to try and make the world a better place through charity and he's honored by the MusiCares tribute.
The Associated Press contributed to this report.