The 88-year-old Grammy, Emmy, Oscar, and Tony award winner was presented with the organisation's highest honour during a private dinner in London, paying tribute to his outstanding achievement in film and television, reported BBC online.
John Hurt, who has appeared in a number of Brooks' films including "Spaceballs" and "A History of the World Part 1", spoke about his friend at the event, which was also attended by Terry Gilliam, Mike Leigh, Simon Pegg and Salman Rushdie.
During his acceptance speech, Brooks said, "I am deeply honoured to be the recipient of the BFI Fellowship and to be inducted into such distinguished company.
Brooks joins previous BFI Fellowship recipients including Ralph Fiennes, Dame Judi Dench, Martin Scorsese and Orson Welles.
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