Keaton will be feted for his role as McDonald's founder Ray Kroc in "The Founder", while Garfield will be honoured for playing war hero Desmond Doss in director Mel Gibson's "Hacksaw Ridge", reported Deadline.
The Capri Hollywood Film Festival began on Tuesday and closes on January 2.
Sixteen films will compete for the festival's top award. These include "Collateral Beauty", "Hacksaw Ridge", "La La Land", "Lion" and "Manchester by the Sea."
The final list of award winners will be announced at the closing ceremony on January 2.
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