King received the award recognising the "unique and indelible influence on generations of music makers" she has made through her catalogue as a songwriter and recording artist.
As a BMI Icon, King joins a list that includes David Foster, John Fogerty, Kris Kristofferson, the Jacksons, the Bee Gees, Crosby, Stills & Nash, Paul Simon, Merle Haggard, Brian Wilson, Willie Nelson, James Brown, Carlos Santana, Dolly Parton, and others.
Honouring the songwriters and music publishers behind the year's most-performed songs, other winners included Ester Dean, Benny Blanco and Pitbull for the BMI Pop Songwriter of the Year title.
Firework claimed BMI Pop Song of the Year honours for Dean and co-writer Sandy Vee, as well as publishers Dat Damn Dean Music and peermusic III, Ltd.
Universal Music Publishing Group claimed the BMI Pop Publisher of the Year, holding 10 songs among the year's most-performed.
King's songwriting career started with Don Kirshner's Aldon Music in the early 60s and with writing partner and then-husband Gerry Goffin, she topped charts with the Shirelles' Will You Still Love Me Tomorrow and Bobby Vee's Take Good Care of My Baby.
A number of hits followed including Little Eva's Loco-Motion, the Chiffons' One Fine Day, the Monkees' Pleasant Valley Sunday and Aretha Franklin's (You Make Me Feel Like) A Natural Woman.
When she released her own album Tapestry in 1971, King was awarded four Grammys.
She has since won 31 BMI songwriting awards spanning pop, R&B and country categories, and is a member of the Songwriters Hall of Fame and Rock and Roll Hall of Fame.