Directors Steven Spielberg and George Lucas, and actors Harrison Ford, Andy Garcia and Mike Myers were among the stars who cheered on the legendary actor at the ceremony held at the Kodak Theatre on Thursday night.
Myers wore a tuxedo jacket and a kilt to honor the Scottish actor.
Connery thanked the audience for "one hell of an evening."
He also starred in "Indiana Jones and the Last Crusade," "The Hunt for Red October," and "The Untouchables," which earned him an Oscar for best supporting actor.
He is the 34th recipient of the award, the Institute's highest honor for a career in film, the AP reports.
Russian President Vladimir Putin, in his speech dedicated to the Day of the Russian Navy, recalled the threats that Russia is currently facing from a number of countries.