The 42-year-old retired from England duty last year after after taking a national record 704 wickets in 188 Test matches, which is the most number of scalps in the longest format.
Anderson played his final Test against West Indies at Lord's in July 2024, having debuted as a 20-year-old at the same venue against Zimbabwe in May 2003.
He also remains England's leading wicket-taker in ODIs with 269 at an average of 29.22, despite not having played white-ball cricket for England since 2015.
Richard Thompson, the ECB chair said: "Congratulations Sir Jimmy Anderson. This is a really well-deserved honour for an England legend who has given so much to our sport.
"Jimmy's career has been marked by extraordinary achievements, not least in winning the Ashes four times and becoming England's all-time leading wicket-taker.
"His skill, determination, and sportsmanship have inspired millions of cricketers and fans alike, in England and around the world.
"This is fitting recognition for a true world-great who has given so much to the game on and off the field."
Anderson has not yet called time on his professional career and is expected be available for his county side Lancashire across formats this home summer.
This means he could yet emulate his long-time England team-mate, Sir Alastair Cook, who also carried on playing for Essex after receiving his own knighthood back in 2019.
Australia took control of the second Ashes Test after the third day following a lower-order batting fightback and then taking six England wickets before the close of play.
Australia went to stumps on the second day of the pink ball Ashes Test on 378-6, the home side leading England by 44 runs on the first innings with four wickets still remaining.
Will Jacks is set to make his first Test appearance in almost three years after England named their starting XI for the second Ashes encounter against Australia that starts in Brisbane on Thursday.
England captain Ben Stokes has come out and said he will accept criticism for his team's performance in the first Ashes Test but has pushed back at jibes that the tourists are "arrogant".
