Loretta Lynn will be honored with the "Artist of a Lifetime" award at this year's all-female "CMT Artists of the Year" event premiering Oct. 17

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2011 Bonnaroo Music And Arts Festival - Day 3
Credit: Erika Goldring/WireImage

Loretta Lynn is comin’ home with a new award!

On Tuesday, PEOPLE was first to announce that CMT will honor the 86-year-old country music superstar with the “Artist of a Lifetime” award during the 2018 CMT Artists of the Year celebration. The accolade will be presented by actress Sissy Spacek, who won an Oscar for portraying Lynn in the 1980 film Coal Miner’s Daughter.

“I’m always so proud when I receive any awards for my music, but when I heard it was this year’s CMT Lifetime Achievement Award it made me really happy,” Lynn said in a press release. “It’s an honor to be able to make music that people enjoy and I’m really excited to have a new album coming out. Thank you CMT for acknowledging me with this award and for honoring the women in country music at Artists of the Year.”

2011 Bonnaroo Music And Arts Festival - Day 3
Loretta Lynn to be honored with “Artists of a Lifetime” award at this year’s all-female “CMT Artists of the Year.”
| Credit: Erika Goldring/WireImage

As one of the most unique performers in Nashville history, the "Don't Come Home A-Drinkin'" singer is best known for her self-penned, boundary-pushing songs that draw from her personal experiences as a wife and mother. Lynn’s latest studio album, Wouldn’t It Be Great, is also set to be released Sept. 28.

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Lynn joins previous recipients of the honor including Shania Twain (2016), Kenny Rogers (2015) and Merle Haggard (2014).

While last year’s ceremony was a night of hope and healing dedicated to the victims of the devastating hurricanes and the tragic mass shooting at the Route 91 Harvest music festival in Las Vegas, this year’s all-women show focuses on the past, present and future females of country music.

CMT Artists of the Year event premieres live Wednesday, Oct. 17 at 8:00 p.m. ET/PT on CMT.