MacLaine and Streep co-starred in the 1990 Mike Nichols film "Postcards From the Edge."
Streep received the award in 2004.
Also read: Shirley MacLaine to Receive AFI's Life Achievement Award
“The world loves Shirley MacLaine,” AFI president and CEO Bob Gazzale said. “AFI's challenge will be how to fit it all into one evening because hers is a life that spans from movies to television to Broadway, books and beyond. Perhaps more than any other recipient, with Shirley I would underline the word life in Life Achievement Award … Hers is a story more than just movies. It’s an epic journey, and she has invited all of us to come along for the ride.”
MacLaine has been nominated for an Academy Award six times and won in the Best Actress category for her portrayal of Aurora Greenway in the 1983 film "Terms of Endearment."
The gala will take place at Sony Pictures Studios on June 7 and air on TV Land at 9 p.m. on June 24. Proceeds from the event will benefit the Institute's education programs and the preservation of American film history.