The Anchorman star is being recognised for his long-running comedy career, which began on U.S. sketch show Saturday Night Live in the 1990s before he found fame as a film funnyman.
Stephen Friedman, president of Mtv, says, "Will Ferrell epitomises what it means to be a comedic genius and it's only fitting that he should be the inaugural recipient of this award.
"Over the course of his extraordinary, 17-plus-year career, he has entertained audiences across the globe with an impressive array of laugh-out-loud performances on air, online and in films. Simply put, Will Ferrell is 'kind of a big deal'."
Ferrell will be handed the prize at the 2013 Mtv Movie Awards on 14 April (13).