The 50-year-old make-up artist will be awarded a Dame Commander of the Order of the British Empire (DBE) after she was recognised by the British monarch for the second time.
Pat was first honoured in 2014 with the title MBE (Member of the Most Excellent Order of the British Empire) thanks to her work in fashion and beauty.
This year, Pat has been recognised for her work in bringing diversity to the fashion and beauty industry as she has often spoken out about her experience as a woman of colour.
She said: “I am truly delighted and humbled to be given this wonderful honour.
“My mother’s obsession with beauty and fashion ignited my passion for this amazing industry and I feel blessed to have the privilege of working with some of the most extraordinary people throughout my career.
“Colour across the spectrum is my life’s work and inspiration and I celebrate individuality particularly with my brand Pat McGrath Labs, so I am especially honoured that this award is also for diversity.
“I believe that with creativity and resilience there can be abundant possibilities and that is certainly true today with this award.”
Pat previously revealed it was her mother that inspired her career in beauty as she encouraged her daughter to experiment with colours and textures as there was limited availability for their skin tone.
She recalled: “She would always be saying to me, ‘look for the colours’, and she showed me how to pick out colours in fabrics and then reflect that in your makeup.
“She hothoused me into this career, really! But my mother would do a full makeup look every day.”