The glitzy bash has recognised other Irish and Irish-American actors including Atonement star and Oscar nominee Saoirse Ronan, brooding Tudors star Jonathan Rhys Myers and Bridesmaid actress and comedienne Melissa McCarthy.
Dublin folk duo Heathers will keep the stars entertained with an acoustic set at the red-carpet event. The party will take place on Thursday, February 21.
In 2009, Colin won a Golden Globe for his role in Martin McDonagh's In Bruges.
Last year, the Castleknock native teamed up with director McDonagh again to make gruesome comedy Seven Psychopaths. Speaking about the film, Farrell said: "Every now and then you read something and it jumps off the page.
"Seven Psychopaths does that, and then it slaps you across the face, it gets you by the back of the neck and it slams you into a table. Then it gives you a kick in the a*** -- it takes you on a wonderful ride."
His leading role in the comedy, which also starred Sam Rockwell and Woody Harrelson, came as a much-needed hit in Colin's career.
In the past few years his films have failed to make any real impact at the box office. Total Recall, London Boulevard and Fright Night all sunk without trace.
But 2013 is shaping up to be a good year. Farrell recently completed filming the new Disney movie Saving Mr Banks alongside Tom Hanks, and will appear in a number of big-budget movies later this year.
He'll star in action feature Dead Man Down and in May will appear opposite Beyonce and Amanda Seyfried in the animated film Epic from the creators of Ice Age.