The Fellowship, according to BAFTA, "is the highest accolade bestowed by the Academy and is presented to Walters this year in recognition of her outstanding and exceptional contribution to British television."
"Julie Walters is one the most talented individuals to grace our screens," said Amanda Berry, chief executive of BAFTA, in a statement. "She has the innate ability to draw the viewer in across any genre, captivating and entertaining with every performance."
Walters added, "I am honoured to receive this prestigious award and extremely shocked. I've worked with some brilliant people over the years and have been very fortunate to have had the opportunities to work on such a variety of projects."
Walters, who received a 2001 Olivier for her performance in All My Sons, is an Oscar nominee for her performances in "Billy Elliot" and "Educating Rita."