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.
England have ushered in a new era for their Test side by recalling Ollie Robinson, dropping Zak Crawley and handing maiden call-ups to Emilio Gay, James Rew and Sonny Baker for next month's first Test against New Zealand at Lord's.
At 41, Samit Patel has brought the curtain down on a legendary English domestic career, a decision accelerated by an ECB ruling that rendered him ineligible for county competition.
Jacob Bethell says he would prefer to stay at number 3 in the batting order when England announce the Test squad to take on New Zealand at home in June.
Ben Stokes admits he got "quite lucky" after a suffering a "pretty nasty" facial injury that has ruled the England Test captain out for at least the next month.
