She is only the fifth woman to be honoured in its 29 year history.

Streisand arrived at the ceremony with husband James Brolin

At the ceremony, held at the Beverly Hilton Hotel in Beverly Hills, guests from the film world were invited to give their thoughts on the long career of the original Funny Lady.

Fellow winner Sidney Poitier said: "This is a remarkable evening for me to be a part of this honour to this remarkable gift.

"It will be, for me, a lifetime experience that I will treasure always."

Streisand's 40 year career has spanned acting, directing, producing, writing and singing.

In 1969 she won a best actress Oscar for her role as Fanny Brice in Funny Girl, and in 1977 picked up the best song Oscar for Love Theme from The Star is Born.

Also nestling in her awards cabinet are 10 Grammys, four Emmys and a Tony Award for Star of the Decade in 1970.

Adulation

Streisand retired from public life in 2000, saying she wanted to spend more time with herself and her husband of nearly three years, James Brolin.

Actress Lauren Bacall pays tribute to Streisand

AFI board chairman Howard Stringer said: "Barbra Streisand is a living legend who epitomises the essence of American film.

"She is a pioneer in everything she does, whether it's acting, directing, writing, producing or singing.

"Over her 40-year career, she has garnered the adulation and respect of the entire creative community, as well as the world at large."