Olivia, who plays the British monarch in the forthcoming series of Netflix's series "The Crown", is named a Commander of the Most Excellent Order of the British Empire (CBE) for services to drama in the list announced to mark the 93-year-old royal's official birthday on Saturday, June 08.
This latest honour adds to the Oscar, Golden Globe and BAFTA awards Olivia, 45, won earlier this year for her portrayal of another British royal, Queen Anne, in the period drama "The Favourite".
After learning she will be honoured the actress told the BBC: "I'm totally thrilled, delighted and humbled to be in the company of these incredible people, most of whom have been nowhere near as visible as I have, but should be - and hopefully now will be. It's such an honour."
Elvis, 64, who has been made an Officer of the Order of the British Empire (OBE), wrote on his website that he had thought about turning down the award, but accepted on the advice of his mother.
"I listened carefully to my mother's argument that if something is deserved then one must be gracious in acceptance," he mused. "So, as a good lad, who likes to do what will make his Mam most proud, I knew that I must put old doubts and enmities aside and muster what little grace I possess."
Other musicians honoured include rapper and activist M.I.A., who will become a Member of the Order of the British Empire (MBE), and classical crooner Alfie Boe, who gets an OBE. "The Good Fight" actress Cush Jumbo also bags an OBE, as does TV adventurer Bear Grylls.
Shakespearean actor Simon Russell Beale, is knighted, while "Jack Reacher" author Lee Child receives a CBE, and Welsh comedian Griff Rhys Jones gets an OBE.