Only four other acts have received the distinction: Marty Robbins in 1969, Loretta Lynn in 1979, Alabama in 1988 and Garth Brooks in 1998.
Strait's many hits include "Amarillo By Morning," "Ocean Front Property," "Check Yes or No" and "I Saw God Today."
The ACM will tape a TV special in honor of Strait at the MGM Grand Garden Arena in Las Vegas on April 6 to air at a later date.
The 44th annual ACM awards will air live on CBS from the MGM Grand on April 5 with Reba McEntire hosting.