The special event will be taking place on May 12th at Club Nokia in Los Angeles and Ozzy is set to receive the Stevie Ray Vaughan Award for his support of the MusiCares MAP Fund which helps musicians battle their addictions.

"I know firsthand about the ravages of addiction and I also know that the MusiCares MAP Fund is a vital safety net for people in the music industry who need help with substance abuse," said Osbourne in a statement. "This organization literally saves lives."

The owner and CEO of the Village studios Jeff Greenberg will also be honored at the event. He will be receiving the MusiCares' From the Heart Award.

"I've been lucky to spend my life in the music business doing things that I love," said Greenberg in a statement. "But I've also seen the serious and, all too often, fatal effects of addiction in our industry, so that's why I am an ardent supporter of the MusiCares MAP Fund."

President and CEO of The Recording Academy and MusiCares Neil Portnow had this to say, "Ten years ago MusiCares merged with the Musicians' Assistance Program, originally founded by Buddy Arnold, to create the MusiCares MAP Fund.

"Since then our addiction recovery resources and programs have grown substantially, and this annual benefit provides a meaningful way to recognize artists and industry professionals who are on the front lines in the battle to fight this crippling disease. It's an honor to celebrate Ozzy and Jeff in our 10th anniversary year, and we know it will be an extraordinary evening filled with heartfelt words and serious rock and roll."