Pusan International Film Festival director Kim Dong-ho presented the award to the 77-year-old veteran director and producer at banquet in the South Korean beach resort city late Friday.
Chopra, who founded one of India's top studios, Yash Raj Films, said awards are a great motivator because they force you to justify your laurels.
"You have to prove that you're good once again. You're only as good as your last film," he said in a brief acceptance speech.
Asian cinema's elite were on hand to pay tribute to the Indian filmmaker, including the Korean-American star of the U.S. hit TV series "Lost," Kim Yun-jin, 1989 Venice Film Festival winner Hou Hsiao-hsien of Taiwan, Hong Kong director Johnnie To and South Korean actor Ahn Sung-ki.
Chopra made his debut with the 1959 film "Blossom of Dust" and in 1970 set up Yash Raj Films, which became one of the industry's top production houses and distributes Indian movies abroad. Last year, Yash Raj Films teamed up with The Walt Disney Co. to release the animated film "Roadside Romeo." A pioneer in shooting Indian films abroad, Chopra and his company have worked with the industry's biggest stars, including Amitabh Bachchan and Shah Rukh Khan.
Past winners of the Asian filmmaker of the year prize include Hou, the late Taiwanese director Edward Yang and veteran Hong Kong actor-singer Andy Lau.
The Pusan festival is also screening four films that Chopra either directed or were made by Yash Raj Films _ "Lamhe," "Dhoom 2," "New York" and "Rab Ne Bana Di Jodi," a romantic comedy starring Khan and directed by Chopra's son, Aditya.