Lambert, who is best known as the founder of the Canadian Centre for Architecture (CCA) in Montreal, will receive the accolade in recognition of her role in the advancement and promotion of contemporary architecture.
She played a seminal role in the construction of Mies van der Rohe's Seagram Building in 1958, and has also served as an author, lecturer, conservationist and critic.
"Not as an architect, but as a client and custodian, Phyllis Lambert has made a huge contribution to architecture," said Rem Koolhaas, who is director of the 14th Venice Architecture Biennale.
"Without her participation, one of the few realisations in the 20th century of perfection on earth – the Seagram Building in New York – would not have happened," he continued.
"Her creation of the Canadian Centre for Architecture in Montreal combines rare vision with rare generosity to preserve crucial episodes of architecture's heritage and to study them under ideal conditions. Architects make architecture; Phyllis Lambert made architects."
The Golden Lion will be awarded to Lambert on 7 June 2014 in the Giardini of the Biennale.
Main image is courtesy of United Press International.