The former Black Sabbath frontman - dubbed the 'Prince of Darkness' - will receive the rock magazine's Legend Award at a ceremony in London on June 9 and he will also be playing a concert on June 21 at the HMV Hammersmith Apollo in the UK capital to mark the publication's 30th anniversary.
He said: "It's an incredible honour to be the second recipient of Kerrang's Legend Award. I'm looking forward to you going crazy at the 30th Anniversary on 21 June in Hammersmith."
Kerrang! editor Nichola Browne said: "We are so unbelievably excited to have Ozzy play this very special show for our 30th birthday celebrations in June. We are privileged that the 'Prince of Darkness' can help us mark this momentous milestone in style and it's guaranteed to be a night to remember.
"During his long and colourful career, he's not only helped define heavy metal as the voice of Black Sabbath, he's also enjoyed a three-decade reign as a solo artist and inspired thousands of rock fans to go crazy during his unmissable live shows.
"He's a much-loved, larger-than-life personality, and it is only fitting that we will be honouring Ozzy with the prestigious Legend Award at this year's Kerrang! Awards."
The Kerrang! Awards, voted for by readers, will be hosted by Slipknot frontman Corey Taylor and Anthrax and The Damned Things guitarist Scott Ian.
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