Lord Sugar, 65, will receive a T3 "Outstanding Contribution Award" for his extensive involvement in the technology industry.
The T3 awards ceremony, known as the Oscars of the gadget world, will take place at the Old Billingsgate in London next Monday.
The Apprentice star and former Tottenham Hotspur owner, who grew up in a Hackney council flat and is now worth £770m, said: “The one thing that has kept me motivated is that I am a real tech geek at heart.
"Since I was a child, I've always wanted to crack something open, get my hands in there and understand how it works, be it a stereo, computer processor or a set top box. I'd like to thank T3 and the award judges for recognising the contribution I have made to the industry.”
Lord Sugar, who is a strong supporter of Jewish Care, began his career by selling car aerials out of a £100 van.
He subsequently founded the high tech company Amstrad and was made a life peer in 2009 as a government consultant on enterprise initiatives.
Sir Charles Dunstone, the co-founder of the Carphone Warehouse, will present Lord Sugar with his award next week.