Multi-hyphenate Branagh will pick up the Variety Award, which recognizes an actor, director, scribe or producer who has helped focus the international spotlight on Blighty.
Previous winners of the Variety Award include Liam Neeson, Michael Caine, J.K. Rowling and Richard Curtis.
Fiennes, who recently made his film directing debut with an adaptation of Shakespeare's "Coriolanus," will receive the Richard Harris Award, which recognizes outstanding contribution to British film by an actor.
Previous recipients of the Richard Harris Award include John Hurt, Daniel Day-Lewis and Helena Bonham Carter.
Both Branagh and Fiennes will be present at the BIFA ceremony, held at London's Old Billingsgate, to pick up their awards.
Branagh can next be seen in Simon Curtis' "My Week With Marilyn," which unspools in the U.S. and U.K. this week, and he directed last year's blockbuster "Thor."
He is also set to helm an adaptation of Henning Mankell's tome "Italian Shoes," toplining Anthony Hopkins and Judi Dench.
Fiennes is currently filming roles in the new James Bond pic "Skyfall" and Mike Newell's upcoming "Great Expectations."
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