The ceremony, which features a raucous parade full of colourful costumes and drag performers, is staged by the oldest theatrical organisation in the United States and one of the oldest in the world.
Since 1951, it has bestowed the award annually on women "who have made lasting and impressive contributions to the world of entertainment".
Other winners have included Meryl Streep, Julia Roberts, Scarlett Johansson and Jennifer Coolidge.
As the parade made its way through Cambridge, Massachusetts, Bening, wearing a brown coat, hat and sunglasses, blew kisses to the crowd, and at point, was pecked on both cheeks by drag performers.
Annette Bening took part in the colourful parade as part of the Hasty Pudding award ceremony. (EPA PHOTO)
Bening, who will also be "roasted" on Tuesday night before attending a performance of the Hasty Pudding Theatricals' 175th production, Heist Heist Baby, launched into a can can dance with several other people as the parade ended.
"We're absolutely thrilled to honour Annette Bening in this milestone 175th anniversary year for the Hasty Pudding," said Josh Hillers, the organisation's president.
"Hot off her Oscars nomination for best actress, we're excited to present her with the most prestigious award in the entertainment industry."
Bening, who also has won a Screen Actors' Guild Award and starred in The Grifters and American Beauty, earned her fifth Oscar nomination, for best actress, for playing the prickly long-distance swimmer Diana Nyad in the movie Nyad.
Barry Keoghan, best known for his roles in Saltburn, Dunkirk, Eternals and The Banshees of Inisherin, is the recipient of its 2024 Man of the Year Award.
He will honoured on Friday night.
