The rockers will be feted for their impact on popular culture and commitment to social causes, reported Billboard magazine.
"U2 is a band of activists, not only in music but in politics, popular culture and human rights," President of entertainment enterprises for iHeartMedia John Sykes said in a statement.
"They began as a punk band and that attitude still runs strong throughout their songwriting, albums and live performances. They will never stop testing the limits, and that's why we are honored to recognize them with this Innovator Award."
This year's iHeartMusic Awards will be hosted by Jason Derulo and will feature performances from Justin Bieber, Meghan Trainor, Zayn Malik, Chris Brown, DNCE, Fetty Wap, Demi Lovato among others.
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