They will be joined by conductor Michael Tilson Thomas at the John F. Kennedy Center for the Performing Arts event in Washington D.C. in December.
The "Sesame Street" honour is particularly special as it marks the first time a TV team has been presented with the Kennedy Center accolade.
"The Kennedy Center Honors celebrates icons who, through their artistry, have left an indelible stamp on our collective cultural consciousness," Kennedy Center chairman David M. Rubenstein said in a statement.
"Earth, Wind & Fire's hooks and grooves are the foundation of a seminal style that continues to shape our musical landscape; Sally Field has brought us unforgettable characters, both joyous and poignant, for more than five decades; Linda Ronstadt is the defining voice of a generation, spanning genres, languages, and continents; Sesame Street continues to revolutionize how children and adults learn about our world; and Michael Tilson Thomas goes far beyond keeping score: he has shaped American music and musical institutions for the 21st century."
The prizegiving will take place before a gala, which will be broadcast on December 15.