Lucy Cavendish College said the former champion represents "excellence in all fields - including sport".
Navratilova achieved 59 Grand Slam titles, including nine Wimbledon singles, in a career spanning four decades. She retired in 2006.
Lucy Cavendish was founded in 1965 and is a women-only college taking students aged 21 and over.
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Since retiring, Navratilova has become a tennis commentator and campaigner on equality issues.
Tennis star Martina Navratilova has been made an honorary fellow of a Cambridge University college.