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 fast bowler Mark Wood says he wants to up his intensity as he builds up to put himself in the selection frame for the first Ashes Test that starts in Perth on 21 November.
Laura Wolvaardt played one of the all-time great ODI innings to guide the Proteas Women into the ICC Women's World Cup final after a comprehensive 125-run victory against England.
England fast bowling legend James Anderson has been knighted for his services to cricket.
New Zealand battled past England by four wickets at Bay Oval on Sunday in the first match of their three-game ODI series, with half-centuries from Daryl Mitchell and Michael Bracewell proving pivotal.
