The former England midfielder – who appeared at three World Cups and won 106 caps – was honoured in the Queen's Birthday Honours list, having won 14 trophies in an illustrious career.
Lampard, who is set to join New York City FC, spent the last season at Manchester City but racked up over 400 appearances for Chelsea and captained the side to Champions League glory in 2012, having also won three Premier League titles, four FA Cups, two League Cups and the Europa League at Stamford Bridge.
"I am delighted to receive this huge honour. I feel very fortunate to have had such a long and fulfilling career in football," Lampard, who began his career at West Ham, told reporters.
"This is an extremely proud moment for myself and my family."
Elsewhere, Swansea City chairman Huw Jenkins has been awarded an OBE for services to Welsh sport, while ex-England women's captain Casey Stoney and former Sunderland goalkeeper Jim Montgomery have also been honoured with an MBE and British Empire Medal, respectively.