It is the second time the freedom of the Co Antrim borough has been offered to the star of Schindler's List and Michael Collins.
Neeson began his career in Belfast's Lyric Theatre and later joined the Abbey Theatre in Dublin before moving to London, then Hollywood.
He was spotted by film director John Boorman while at the Abbey, subsequently appearing in Boorman's film Excalibur in 1981.
He was nominated for an Oscar for his portrayal of a German businessman who prevented many Jews from being sent to Nazi death camps in Steven Spielberg's Schindler's List.
Another of his most prominent roles has been his portrayal of Michael Collins in the film of the same name.
His other work includes parts in The Mission, Suspect and Rob Roy.
This is the second time Neeson has been offered the freedom of the borough after refusing the council's recognition in 2000 amid controversy over his alleged derogatory remarks.
He was quoted as saying in an American magazine that he felt "second class" as a Catholic growing up in the mainly Protestant town and felt he had to stay indoors during the July 12 parades.
Only three people have been awarded the freedom of Ballymena -- Ian Paisley, Dr Syd Millar and Sandy Spence.
Neeson was married to actress Natasha Richardson, who died in 2009 after suffering a serious head injury while skiing in Canada. Before taking to the stage he was a boxer and a forklift truck driver.