Jeetendra, 74, got the lifetime achievement award while Bhansali and Ranveer got special award for direction and acting for their magnum opus "Bajirao Mastani".
The top honour was given by legendary singer Asha Bhosle.
52-year-old Bhansali said he considers the Mangeshkar family a huge inspiration in his life.
"My mother is present here and she is happy. She knows how big a fan I am of Mangeshkar family. Not a single day has passed in my life where I didn't listen to their songs... I've not only heard them but learnt from their compositions a lot about life. This is a very big day for me. This award will be very special for me and my mother," Bhansali said here.
"I thank you for this honour. But a bigger award for me is that I am born in the lifetime of Lata and Ashaji. I think it is a lifetime achievement for us to hear them," the actor said.
Jeetendra featured in popular films like "Himmatwala", "Tohfa" and "Dharam Veer".
The actor was last seen in a cameo appearance in Shah Rukh Khan's "Om Shanti Om".
Ranveer, who is currently busy shooting for his next film outside India, addressed the gathering via a video message.
Other winners who bagged the honour include Pandit Ajay Chakravorty, Marathi actor Prashant Damle among others.
