"I have always tried to be a good soldier in the service of film and this feels like a medal for my work", says Herzog in a written statement.
The director behind films like "Grizzly man" and "Fitzcarraldo" is, however, keen to emphasize that this does not mean he has ended his career.
"I have not retired. I'm working as always. A couple of weeks ago, I finished a documentary in Africa: "Ghost elephants", says Herzog, who is currently also working on the feature film "Bucking fastard" and has several other projects underway.
The Venice Film Festival is being held this year between August 27 and September 6. In the motivation for the honorary award, Herzog's both "fascinating and dangerous" career is highlighted as built on "total commitment" and sometimes involving physical risks.