Schieffer is an award-winning CBS News correspondent and longtime anchor of "Face of the Nation."
He'll receive the award Oct. 29 at the Sheraton Phoenix Downtown Hotel.
"Walter Cronkite is who I wanted to be when I was a young reporter," Schieffer said in a press release. "Winning an award with Walter's name on it means as much to me as any recognition I have ever received."
Schieffer has spent the last 44 years reporting on politics and government for CBS. He has covered all four of the major beats in the nation's capital and moderated three presidential debates.
"Schieffer epitomizes great broadcast journalism in the best tradition of Walter Cronkite," said Cronkite Dean Christopher Callahan. "We're thrilled to present him with this award and to have him share with our students some of what he has learned over a long and sterling career."
He will join the other 29 recipients, including Brian Williams, Diane Sawyer, Tom Brokaw and Bob Woodward.
The Walter Cronkite School of Journalism and Mass Communication was named in Cronkite's honor in 1984. Housed in a $71 million state-of-the-art media complex in downtown Phoenix, it's home to the Carnegie-Knight News 21 initiative, Cronkite News Service and Cronkite News Watch.