One Direction presented their mentor with the award during a tribute-filled ceremony on Monday.
Cowell, 56, was honoured with the 24th MITS Award in recognition of his contribution to music, entertainment and charitable causes.
Previous honourees include Sir Elton John, Lord Andrew Lloyd Webber, Sir Tom Jones and Kylie Minogue.
Cowell, well known as a judge on The X Factor and Britain's Got Talent, owns the TV production and music publishing house Syco, a joint venture with Sony Music.
His acts include Little Mix, Susan Boyle and Ella Henderson, as well as X Factor finalists One Direction.
The MITS Award evening featured performances by Labrinth, Il Divo and Olly Murs, who are also signed to Syco
Leona Lewis, who became Cowell's protege after winning The X Factor in 2006, also sang at the event.
Oprah Winfrey, Richard Curtis, James Corden, Kevin Spacey and Cheryl Fernandez-Versini were among those who praised Cowell in a video tribute shown during the ceremony at Grosvenor House Hotel in London.
The evening was hosted by radio presenter Jo Whiley in front of 1,200 guest in aid of music therapy charity Nordoff Robbins and the BRIT School.
Music mogul Simon Cowell has been honoured with the Music Industry Trusts Award in London.