The award was given to him by noted filmmaker Yash Chopra and Mumbai Mayor Dr Shubha Raul during a function at Bhaidas Hall in suburban Mumbai.
Dilip Kumar is also one of the 33 recipients of the prestigious Dadasaheb Phalke award, instituted by the Central Government.
Speaking on the occasion, Chopra recalled his association of 51 years with the thespian.
''I was an assistant director for 'Naya Daur' when I first came into contact with Yusufsaab (Dilip Kumar). Since then, our relationship has bloomed. He is my elder brother,'' he said.
Other prominent personalities who were felicitated on the occasion included Jeetendra, Aroona Irani, Shashikala, Sushilarani Patel, Bina Rai, Amrita Rao, Kum Kum and Lekh Tandon.