"On the advice of my doctors, as I continue recovering from a knee injury, I am sadly unable to attend the Festival de Cannes this year," Streisand said in a statement on Sunday.
"But I am deeply honoured to receive the honorary Palme d'Or and had so been looking forward to celebrating the remarkable films of the 79th edition."
She added: "I was also very much looking forward to spending time with colleagues whom I so admire and, of course, returning to France, a place I have always loved.
"My heartfelt thanks to the Festival, and to everyone who continues to support and champion the art of cinema."
The festival will pay tribute to the singer, actor and filmmaker during its closing ceremony on 23 May.
"Iris Knobloch, Thierry Frémaux and the entire festival team send Barbra Streisand their warmest wishes for a prompt recovery," the festival noted in a press release.
Streisand is the third recipient of a Cannes honorary Palme d'Or this year, alongside Lord of the Rings filmmaker Peter Jackson and John Travolta, who premiered his directorial debut Propeller One-Way Night Coach at the festival.
