According to Variety, the actor will be presented the American Cinematheque Award at a ceremony next March, reports the Daily Express.
The 38-year-old actor started his career with 1997 hit Good Will Hunting, which he co-scripted with pal Ben Affleck.
Previous recipients of the award include actor Samuel L Jackson and Julia Roberts have been the previous recipients of the prestigious award.
Image: Matt Damon and his wife Luciana
Photograph: Dave Hogan/Reuters