England's greatest-ever cricketing all-rounder has raised around £10million for leukaemia research and the Teenage Cancer Trust through 11 long-distance sponsored walks.
"I'm delighted that I've been honoured, not only for myself but for the people that have helped me get there," he said.
"My wife Kath organised most of the walks and this will be very much a family celebration.
"I have been fortunate to go to the Palace on previous occasions and I'm excited about the prospect of going there.
"To go there under these circumstances will be a very proud moment, it's very nice to be recognised for what we have all achieved."
The 51-year-old is England's all-time highest wicket taker, taking 383 during his international Test career while also hitting more than 5,000 runs.
And it was his extraordinary success on the cricket field which allowed Botham to do so much for charity.
"One does not work without the other - that I achieved on the cricket field and the status I achieved with the public has allowed me to then go and raise the money for leukaemia," he added.
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"It's impossible to put a figure on how much we have raised, but the most important thing has been the awareness we have achieved.
"We are also winning the battle. In the early 80s, there was a 20 per cent chance of survival and now that has risen to 80 per cent.
"There have been a lot of friends who have helped out along the way. It's been hard work but a lot of fun and I have to say one of the most satisfying things I have ever been involved in."
Manchester United winger Ryan Giggs and Football Association chairman Geoff Thompson have been awarded OBEs, while veteran former England striker Teddy Sheringham receives an MBE.