Festival patron Sean Connery will present the honour, which was set up to recognise film-makers whose work has had a 'major impact and has advanced the frontiers of cinematic artistry around the world.' Previous winners include Nicolas Cage and Daryl Hannah.
'Mr Fishburne is one of the great actors of our time and is nothing less than an icon in our community and throughout the Caribbean,' BIFF founder and executive director Leslie Vanderpool said.
A longtime stage and award winning TV actor, Fishburne's film credits include What's Love Got To Do With It, which earned him an Oscar nomination in 1994, as well as the Matrix franchise, Mystic River, Boyz N The Hood, Othello and King Of New York.
He produced and starred opposite Phillippe in the thriller Five Fingers for his Cinema Gypsy Prods.
Last summer it was announced Fishburne will direct, produce and star in a $60m-plus adaptation of Paulo Coelho's international bestseller The Alchemist for The Weinstein Company.
BIFF is set to run from December 4-11.