Sir Stanley Wells, who lives in Stratford-upon-Avon, has dedicated his career to studying the life and works of England's most famous playwright.
The 86-year-old is also a professor emeritus of Shakespeare Studies at the University of Birmingham.
He said he was "delighted" by the honour.
"I feel myself most fortunate in having been able to spend so much of my life in the company of Shakespeare and of those who admire and enjoy his works," he said.
"Throughout my career as teacher and scholar I have enjoyed and benefitted enormously from collaborating with fellow scholars from all over the world, and I hope they will share my pleasure in receiving this award."
Peter Kyle, chairman of the Shakespeare Birthplace Trust, said Sir Stanley's knighthood comes at a "particularly wonderful time in the year" as the 400th anniversary of Shakespeare's death is marked.
"We offer him the warmest congratulations on this very prestigious honour."
The honorary president of the Shakespeare Birthplace Trust has been awarded a knighthood in the Queen's Birthday Honours.