The surviving bandmembers from the original Queen line up were honoured with the Polar Music Prize in Stockholm earlier this week.
This award was presented to Brian May and Roger Taylor by Sweden's King Carl XVI, who also presented the award to Canadian conductor Barbara Hannigan, and US jazz musician Herbie Hancock at a gala ceremony on Tuesday.
The award itself, which was founded by ABBA publisher, lyricist and manager, Stik 'Stikkan' Anderson, is presented to solo artists, groups or institutions for excellence in the world of music. It celebrates the power and importance of music.
It is awarded by an 11 member board who select the winners from nominations from the public and International Music Council.
On the night, rock band Ghost played a live rendition of Queen's Bohemian Rhapsody with Opeth's Fredrij Akesson and current Queen frontman Adam Lambert, who performed Who Wants to Live Forever and Another One Bites the Dust.
On receiving this award, Queen's Brian May said that he was "so proud".
"In this special moment, I contemplate how that younger Brian May in 1974 would have felt if he knew that we would be living this kind of dream 50 years in the future", May said.
May's bandmate Roger Taylor also had this to say.
"When we started our band... we had ambitions but never dreamed of the journey that was to follow", he said. "We were fortunate in the fact that our four wildly different personalities came together to achieve a wonderful chemistry".
"The Polar Music Prize is exceptional in the fact that, unlike other awards, it recognises the entirety of an artiste's career", the musician added. "What an honour to be included in the glittering cavalcade of previous laureates. True Olympian company indeed. We are so proud to be the recipients of this incredibly prestigious award".
Elsewhere, Barbara Hannigan said that she was "deeply thankful for all the collaborations which have nurtured me", adding: "I am humbled to be among these laureates of 'musical royalty', and to share the honours tonight with the legends who are Herbie Hancock and Queen".
Hancock stated: "What an incredible honour to be with you here tonight, to receive the prestigious Polar Music Prize. I'm deeply humbled".
"I accept this award not just for myself, but on behalf of all the musicians and dreamers who dare to believe that creativity and human connection can change the world".
"I truly believe that music and the arts can illuminate the path towards a more peaceful and compassionate world, and it is vital that we, the artists, give back and share our knowledge and experiences with the younger generations, our leaders of tomorrow".
Previous award winners include Paul McCartney, Iggy Pop and Elton John.
