Palin, who turns 70 on Sunday, said it was "a very high honour", adding that his success was "down to teamwork".
"I've been blessed throughout my career with the inspiration and support of others," he added. "The fellowship is for all of us."
Bafta chairman John Willis said Palin had made "an incredible contribution to the medium over five decades".
Palin, who began his career as a writer for The Frost Report, is a founding member of world-renowned comedy troupe Monty Python.
He has also fronted a string of critically acclaimed travel documentaries, including Around the World in 80 Days, Pole to Pole and Full Circle.
His other TV credits include include 1960s sketch show Do Not Adjust Your Set, Ripping Yarns and the Alan Bleasdale drama GBH.
He won a Bafta film award in 1989 for his supporting role in A Fish Called Wanda and received a special award in 2005.
Willis said Palin's "amiable on-screen manner belies the seriousness of his craft", adding there were "few individuals more worthy" of the British Academy of Film and Television Arts' highest honour.
The Bafta TV awards will be hosted by Graham Norton at the Royal Festival Hall in London and will be broadcast on BBC One.
Presenter, writer and Monty Python star Michael Palin will be awarded a Bafta fellowship at its TV awards on 12 May.