The Academy said Springsteen is being recognized for his creative and philanthropic contributions.
Recording Academy President Neil Portnow called Springsteen a "renaissance artist of our time, a national treasure, and an exemplary humanitarian." Springsteen has won 20 Grammy awards during his nearly 40-year career.
Springsteen will be honored at a private fundraising dinner ceremony in L.A. on February 8.
The Recording Academy's MusiCares Foundation provides financial, medical and educational services to members of the music community.
Past person of the year honorees include Barbra Streisand, Quincy Jones, Stevie Wonder, Aretha Franklin and Paul McCartney.
The Associated Press contributed to this report.