SRK will be presented the award by Linda Dessau, who was sworn in as Victoria's 29th Governor, the first female in the role. The felicitation will take place at the Palais Theatre here.
Shah Rukh is also the chief guest at the festival, which will celebrate courage as its central theme in 2019.
Keeping with the festival's theme of celebrating courage, it wants to pay tribute to SRK's continuous contribution to cinema and popular culture in India with this award.
"I'm humbled and honoured for this recognition. It will be a great experience to share the stage and the podium with my fellow industry members who are all coming from various parts of India to celebrate cinema in Melbourne.
"I look forward to meeting her excellency, Linda Dessau, at the wonderful evening that has been planned by IFFM," said Shah Rukh, who has been entertaining masses since early 90s with movies such as "Deewana", "Dilwale Dulhania Le Jayenge" and "My Name Is Khan".
Festival director Mitu Bhowmick Lange added: "When we think of one of the pioneers of Hindi cinema, Mr. Khan's contribution ranks amongst the highest. He has established Hindi cinema as a global phenomenon, leaving an impact on millions across the world.
"We are looking forward to the evening and to be conferring him with this honour. He's an iconic figure for Indian cinema and this honour is in tandem with his tremendous years of contribution."
( With inputs from IANS )