The legendary actress accepted the honour this weekend, four months before the full ceremony takes place.
Upon receiving the award, she quipped: "I can`t believe it - a man at last. The thought that when I get home I`m going to have a two-legged man in my room is so exciting."
The 85-year-old screen icon accepted the gong at the Academy of Motion Picture Arts and Sciences` 2009 Governors Awards, held on Saturday (14.11.09), where she also paid tribute to her late husband Humphrey Bogart, describing him as "my great love".
The `big Sleep` actress also thanked a number of leading men who had starred alongside her, including Kirk Douglas, Gregory Peck and Henry Fonda.
Speaking at the ceremony, Douglas insisted Bacall`s image as a tough woman was all show, saying: "She`s a pussycat and has a heart of gold."
Anjelica Huston presented Bacall with her prize in what was the first time the film academy has given its Governors Awards at a ceremony separate from the gala Oscars, which take place in March 2010.
In her speech Huston said Bacall "defines what it means to be a great actress and also a huge movie star".
Bacall had never won an Oscar before in her 65-year career, although she was nominated for Best Supporting Actress in 1996 for `The Mirror Has Two Faces`.
B-movie director Roger Corman, 83, and `odfather` cinematographer Gordon Willis, 78, were also awarded statuettes.