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Prince Harry will make a flying visit to the US in May to accept the award in person.
The Atlantic Council, which promotes US leadership in international affairs, will give its 2012 award for distinguished humanitarian leadership to Prince Harry.
Associated Press says that the award is in recognition of the 27-year-old's work with charities that support injured servicemen and women, including Walking With The Wounded, ABF The Soldiers' Charity and Help For Heroes.
Prince Harry will travel to Washington DC to accept the award at the Atlantic Council's annual awards dinner on May 7 in person, according to the BBC.
"Prince Harry will use the award to pay tribute to British and American veterans' charities for their achievements in helping to rehabilitate wounded servicemen and women, and to reintegrate those who have served in the armed forces into civilian life," a statement from St James' Palace is quoted as saying.
The palace said Harry will also receive the award on behalf of his brother Prince William, Fox News adds.
The trip to the US will be Harry's first since he took part in Apache helicopter training in the deserts of Arizona and California last year, but a spokeswoman for the palace told CNN that it would likely last less than 24 hours.
More from GlobalPost: Prince Harry trained to be an Apache helicopter pilot (VIDEO)
The news service says that it was unclear if the British royal would attend any other events during the visit, but said it was expected he would meet British and American athletes who have taken part in Colorado's 2012 Warrior Games for injured services personnel.
Daily Mail reports that Prince Harry will receive his Atlantic Council award alongside the Secretary General of the United Nations, Ban Ki-Moon, who will be receiving the Distinguished International Leadership Award; the CEO of Unilever Paul Polman who is being commended for leadership in business; and the violinist Anne-Sophie Mutter.