"I'm very happy about this huge honor and with the news coming on my birthday weekend and Father's Day it makes it colossal!" McCartney said in a statement.
McCartney is one of only a handful of musical artists – including singer Vera Lynn, percussionist Evelyn Glennie and opera singer Janet Baker – to receive the Companion of Honour Award.
Other recipients include Stephen Hawking, Ian McKellen, Judi Dench and Harry Potter author J.K. Rowling, who like McCartney received the honor as part of this year's Queen's Birthday Honors list, the Associated Press report.
Ed Sheeran, who allegedly sliced and scarred his cheek in a faux-knighthood ceremony, took a step closer to the real thing with an MBE – Member of the Most Excellent Order of the British Empire – for services to music and charity. British singer Emile Sande also received an MBE.
"Chuffed to be awarded an MBE for services to charity and music," Sheeran wrote of the honor on Instagram.