The government award is India's highest honour given in the field of cinematic art. Bachchan will be honoured with the award for inspiring generations with his diverse work.
"The legend Amitabh Bachchan who entertained and inspired for two generations has been selected unanimously for Dadasaheb Phalke Award. The entire country and international community is happy. My heartiest congratulations to him," Union Information and Broadcasting Minister Prakash Javadekar wrote on Twitter while announcing the news on Tuesday.
Bachchan has successfully transitioned from Bollywood's "Angry Young Man" to the "Shahenshah" of popular cinema, and gone onto become Indian film world's most recognised icon on the global stage, through a career spanning over five decades.
The actor started his journey in showbiz as one of seven protagonists in "Saat Hindustani", and then went on to feature in the Rajesh Khanna-starrer "Anand". Once he got noticed in Prakash Mehra's 1973 hit, "Zanjeer", there was no looking back. The film also marked the birth of his Angry Young Man avatar.
Amitabh Bachchan means different things to different fans. Some remember him as the towering lead in films like "Deewaar", "Zanjeer", "Don" and "Sholay", while some appreciate his nuanced, National Award-winning portrayals in "Black", "Paa" and "Piku". There are fans who celebrate him for his comic timing, while others swear by his intense screen presence.
From touching the pinnacle of stardom to facing failure to his days of bankruptcy and to bouncing back in the game and seeing a meteoric rise Big B, as Bollywood and fans fondly call him, has seen it all.
His last release, Sujoy Ghosh's thriller "Badla" has been declared a superhit by the trade.
His upcoming projects include "Chehre", "Gulabo Sitabo", "Sye Raa Narasimha Reddy", "Brahmastra" and "Aankhen 2".
As the news of Bachchan's latest glory spread, members of the film fraternity rushed to congratulate the icon.
"The most inspiring legend of Indian cinema. He is a bonafide rock star. I am honoured and proud to be in the era of AMITABH BACHCHAN! The prestigious #DadaSaheb Phalke Award to Amitabh Bachchan," filmmaker Karan Johar tweeted.
Calling Big B a legend, actor Anil Kapoor wrote on Twitter: "There is no mention of Indian cinema without this Legend! He has redefined cinema with every role and deserves every accolade for his innumerable contributions! Congratulations."
Filmmaker Madhur Bhandarkar tweeted: "Congratulations to the legend for the prestigious Dadasaheb Phalke award. You have entertained, inspired generations with your exhilarating Performances. Wishing you more success and happiness."
( With inputs from IANS )