He will be honoured alongside chat show host Oprah Winfrey, choreographer Bill T Jones, composer Jerry Herman and country star Merle Haggard.
They will receive medallions at a state dinner on 4 December before appearing at a gala the next day.
The Kennedy Center for performing arts annually honours arts figures for their contribution to US culture.
Kennedy Center chairman David M Rubenstein said the winners had "spent their lives enriching, inspiring and elevating the cultural vibrancy of our nation and the world".
He said Sir Paul was "one of the most influential and successful songwriters and musicians of all time whose work has continuously altered both the creation and perception of music all over the world".
The former Beatle said in a statement: "President Kennedy was such an icon for us in the 60s and his presidency was so inspiring for so many people that it is a great pleasure for this kid from Liverpool to receive this honour."
Sir Paul and his fellow recipients will receive their prizes at the dinner, hosted by Secretary of State Hillary Clinton, before meeting with President Barack Obama at the White House the following evening.
Previous recipients of the honour include Steven Spielberg, Robert De Niro and Bob Dylan.
In June, Sir Paul picked up the Gershwin Prize for Popular Song from Mr Obama at the White House.
They will receive medallions at a state dinner on 4 December before appearing at a gala the next day.
The Kennedy Center for performing arts annually honours arts figures for their contribution to US culture.
Kennedy Center chairman David M Rubenstein said the winners had "spent their lives enriching, inspiring and elevating the cultural vibrancy of our nation and the world".
He said Sir Paul was "one of the most influential and successful songwriters and musicians of all time whose work has continuously altered both the creation and perception of music all over the world".
The former Beatle said in a statement: "President Kennedy was such an icon for us in the 60s and his presidency was so inspiring for so many people that it is a great pleasure for this kid from Liverpool to receive this honour."
Sir Paul and his fellow recipients will receive their prizes at the dinner, hosted by Secretary of State Hillary Clinton, before meeting with President Barack Obama at the White House the following evening.
Previous recipients of the honour include Steven Spielberg, Robert De Niro and Bob Dylan.
In June, Sir Paul picked up the Gershwin Prize for Popular Song from Mr Obama at the White House.
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