Bjork and Italian film composer Ennio Morricone have won the 2010 Polar Music Prize.
They'll each receive 1 million kronor at a ceremony at the Stockholm Concert Hall on August 31st.
The Polar Music Prize recognizes "exceptional achievements in the creation and advancement of music."
"With her deeply personal music and lyrics, her precise arrangements and her unique voice, Bjork has already made an indelible mark on pop music and modern culture at large, despite her relative youth," said Polar music Prize organizers.
Pink Floyd, B.B. King, Led Zeppelin, Stevie Wonder, Ray Charles and Ravi Shankar are all previous Polar Music Prize winners.