The hitmaker released her debut album, On The 6, in 1999 and has gone on to sell over 80 million records worldwide.
In 1991, the name of the trophy was officially changed to the Michael Jackson Vanguard Award because of the King of Pop's pioneering work with music videos.
"It is incredible, honestly".
David Bowie, Kanye West, Tom Petty, Janet Jackson, Britney Spears, Beyonce and more are past recipients. To be the recipient this year, I can't even believe it.
The iconic popstar, who is also nominated for two VMAs this year, will be performing at the star-studded awards show for the first time since 2001, where she performed her single "I'm Real (Murder Remix)" alongside Ja Rule.
In any case, you can catch the "VMAs" on Monday, August 20 at 9:00 PM ET/PT live from Radio City Music Hall on MTV's global network of channels.
"I grew up in the MTV era", Lopez said during MTV's Facebook Live interview.