The British supermodel will collect her award during the annual awards ceremony, set to take place this year on June 4 at the Brooklyn museum.
The news was shared by the CFDA (Council of Fashion Designers of America) over Instagram, with Campbell also acknowledging the accolade on the social media platform, stating that she was "truly honored and grateful."
In winning the accolade, Campbell joins a star-studded group of recipients including Beyonce Knowles, Pharrell Williams, Johnny Depp, and Rihanna.
A legendary fashion figure since she first shot onto the scene as a teenager, Campbell continues to land major campaigns and magazine covers to this day. This year has seen her front ads for Moschino and Versace, in addition to walking the runway for Louis Vuitton and appearing on the covers of Love Magazine and British G.Q.
"Being from London, my personal style has always been tremendously influenced by both the dynamic, ever-changing nature of street culture and the music scene," the star said in a statement posted to the CFDA website. "I grew up in this industry and I'm forever grateful to the iconic American fashion designers that have supported me and celebrated me throughout my career."
Additional honorees for the 2018 ceremony include designers Diane von Furstenberg, Narciso Rodriguez, Carolina Herrera and Donatella Versace, as well as British Vogue Editor-in-Chief Edward Enninful.
The annual CFDA Fashion Awards in Partnership with Swarovski are designed to celebrate the best of the US fashion industry, with last year's big-name winners including makeup artist Pat McGrath, Raf Simons and Demna Gvasalia. Actress, writer and director Issa Rae will host the 2018 ceremony.