Bjork and Italian composer Ennio Morricone accepted the 2010 Polar Music Prize in Sweden on Monday (30Aug10).
King Carl XVI Gustaf honoured the pair at a lavish ceremony.
Both musicians were handed $136,000 (£90,600).
The Polar Music Prize, which was founded by Abba's former manager Stig Anderson in 1989, is shared annually by a pop artist and a classical musician.