Rice will be presented with the honor Oct. 13 at the BMI annual gala at London's Dorchester Hotel, Park Lane.
The BMI Icon designation is given to songwriters who have had "a unique and indelible influence on generations of music makers."
"Sir Tim Rice's extraordinary creativity has given the world some of the most beloved songs of the past 50 years, sheer musical poetry that has thrilled audiences in films, musical theater and on chart-topping recordings," BMI president and CEO Michael O'Neill said in a statement. "He is one of our era's most admired and respected lyricists, a leading author and sought-after commentator. We are immensely proud to honor him as a BMI ICON."
Rice wrote the lyrics to Aladdin, Evita, Jesus Christ Superstar, Aida, The Lion King, Beauty and the Beast and Joseph and the Amazing Technicolor Dreamcoat, among others. He also wrote the books for Evita and Joseph and the Amazing Technicolor Dreamcoat.
He is a three-time Tony Award winner and a three-time Academy Award winner, and his awards also include Grammys, Golden Globes and 13 Ivor Novello Awards. He has been inducted into the Songwriters Hall of Fame and has a BASCA Fellowship as well as a star on the Hollywood Walk of Fame. He has worked with composers such as Elton John, Alan Menken, Bjorn Ulvaeus and Benny Andersson and Stuart Brayson. "I owe it all to Tommy Steele, Lonnie Donegan, Billy Fury, Marty Wilde, Cliff Richard and Joe Brown," Rice said in a statement.
Previous BMI honorees include John Lydon as well as Queen, Ray Davies, Van Morrison and Bryan Ferry.
Visit bmi.com for more information.