The Clintons have been active in past Save The Music campaigns. In 1998, then-President Clinton donated his saxophone to the foundation; the instrument went to a student musician.
"Throughout the years, Bill and Hillary Clinton have exemplified incredible dedication and support for the VH1 Save The Music Foundation, and it is an honor to have them join in celebrating our 10th anniversary," Executive Director Paul Cothran said Wednesday in a statement.
The event is set for Sept. 20 at Lincoln Center in New York City. Performers will include Roger Waters, Jon Bon Jovi and John Mayer.
Honorees also include the organization's founder, John Sykes, and NAMM, The International Music Products Association.
Save The Music is dedicated to keeping and enhancing music programs in public schools. According to the foundation, it has provided more than $35 million in new instruments and helped music programs in 1,400 public schools in 80 communities across the country.