Pran, who was a popular villain in the films of the 1960s and 1970's had starred in countless Hindi films in his glorious career.
Awarded annually by the Indian government, the award consists of the Swara Kamal medal, a shawl and a cash prize.
Reacting to the news, the 93-year-old actor's son Sunil Sikand told a national news channel: "It is an amazing moment."
Filmmaker Madhur Bhandarkar congratulated Pran for the achievement and tweeted: "Congratulations Pran saab for the Dadasaheb Phalke award. This is much deserved!!!!"
Pran Krishan Sikand, who won multiple Filmfare and BFJA awards, is often referred as the 'Villain of the Millennium'.
Born on Feb 12, 1920, Pran played the leading man in films like Khandaan (1942), Pilpili Saheb (1954), Halaku (1956), Aurat (1967 film), Dharma (1973), Jangal Mein Mangal (1972), Gaddar (1973) and Ek Kunwari Ek Kunwara (1973).
His pivotal roles in the films such as Bari Behen (1949), Bahar (1951), Azaad (1955), Jis Desh Men Ganga Behti Hai (1960), , Aurat (1967), Johny Mera Naam (1970), Victoria No. 203, Zanjeer (1973), Don (1978), Maan Gaye Ustaad (1981) and Duniya (1984) are considered to be among his best performances.
In 2010, he was named on the list of CNN's Top 25 Asian actors of all time.
He won the Filmfare Best Supporting Actor Award in 1967, 1969 and 1972 and was awarded the Filmfare Lifetime Achievement Award in the year 1997.
In 2001, he was honoured with the Padma Bhushan by the government of India for his contribution to Indian cinema.
On contrary to the villainous characters he played in his early films, he is very social; a member of various organizations, and also has his very own football team, 'Bombay Dynamos Football Club'.
