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.

All 26 are accused of evading tests but say there was an administrative error.
The list includes Fabrizio Donato, triple jump bronze medallist at London 2012, and Andrew Howe, who took silver in the long jump at the 2007 World Championships.
They will face trials at the Italian Olympic Committee's anti-doping court, with rulings expected next year.
Five of the 26 athletes have already qualified for next year's Olympic Games in Rio de Janeiro, Brazil.

Ian McCann, head of Rosewood Primary School in Burnley, Lancashire, reportedly took part in a charity bike ride and missed the final week of term.
The 58-year-old handed in a sick note after governors declined his request for absence outside school holidays.
Lancashire County Council topped a recent list of councils fining parents taking children on term-time holidays.
Mr McCann, who could not immediately be reached for comment, will now have to face the school's board of governors.
4,800 Lancashire
3,319 Bradford
2,523 Redbridge
2,402 West Sussex
2,354 Derbyshire
Chairwoman Alex Bird said: "I can confirm that a member of staff has been suspended.
"However, as the matter is subject to investigation we will not be commenting further at this time."
Lancashire County Council issued 3,907 fines to parents for unauthorised absences between September 2014 and July.
Each parent can be fined Â£60, doubling to Â£120 if not paid within 28 days.
Failure to pay can result in court action.
A recent Press Association investigation found the number of fines handed to parents has almost trebled in two years, from 32,512 in 2012-13 to 86,010 in 2014-15.
Presenter, writer and Monty Python star Michael Palin will be awarded a Bafta fellowship at its TV awards on 12 May.
[NEXT_CONCEPT]
Italy's Olympic chiefs want 26 of the country's athletes banned for two years over alleged doping offences.
[NEXT_CONCEPT]
A head teacher who went to Brazil on a cycling holiday during term time has been suspended.