Rowling, who is also marking two decades since the publication of the first book in her best-selling series, has been honoured for services to literature and philanthropy.
The 52-year-old will be decorated with the rare title, befitting of one of her fantastical characters, in addition to her OBE, which she was awarded in 2001.
Membership of the Order of the Companions of Honour, established in 1917 by George V, is a special award held by only 65 people at any one time, and recognises services of national importance.
Rowling, whose first name is Joanne, has previously told how her famous boy wizard creation simply “fell” into her head years earlier while on a crowded train to London after a weekend flat-hunting with her then boyfriend in Manchester in 1990.
Sitting on the delayed train, she said she had “never been so excited about an idea before”.
Harry Potter was born, and on her return home that night, Rowling immediately began writing what would become the first book of the series - Harry Potter And The Philosopher's Stone.
Others collecting different honours include composer and conductor Sir George Benjamin, for services to music.
He began composing music at the age of seven and made his debut at the BBC Proms at 20, going on to be professor of composition at King's College London from 2001.
Brian Noble, the former Bradford Bulls and Great Britain coach, will pick up his MBE for services to rugby league and charity.
Rosemary Johnson, a former Welsh National Opera violinist who was paralysed in a car accident, will collect an MBE for services to music after using brain waves to perform again.
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