The award tops off a great year for Murray, 30, who has won both the US and Australian Open titles with his Brazilian tennis partner Bruno Soares.
The doubles player is the older brother of Andy Murray, the current Wimbledon champion, and they both owe their involvement with tennis to their mother Judy, a tennis coach who introduced them to the game.
Also being honoured during the Buckingham Palace investiture ceremony is broadcaster Janet Street-Porter who will be made a CBE for service to her industry.
The former journalist was head of youth and entertainment features at the BBC before becoming editor of the Independent on Sunday and going on to become a panellist on the popular show Loose Women.
Former jockey Hayley Turner will be award an OBE for services to horseracing.
During her career, which ended when she retired last year, she became the first female rider to win a Group One contest outright in Britain, by steering Dream Ahead to victory in the July Cup at Newmarket in 2011.
Turner also became the first woman to ride 100 winners in a calendar year in 2008, and was part of the Girls team which claimed a memorable success at the Shergar Cup in August last year.