Sir Tim Berners-Lee, Robert Kahn. Vinton Cerf, Louis Pouzin and Marc Andreessen have been singled out for their contributions to the communication revolution.
The five individuals, who are the first recipients of the Queen Elizabeth Prize for Engineering, will share the £1 million award.
"The prize recognises what has been a roller-coaster ride of wonderful international collaboration," Berners-Lee told BBC News.
"Bob and Vint’s work on building the internet was re-enforced by Louis’s work on datagrams, and that enabled me to invent the web.
"Marc’s determined and perceptive work built on these platforms a product which became widely deployed across nations and computing platforms. I am honoured to receive this accolade and humbled to share it with them,"
The Queen will present Berners-Lee and co with their accolades at a ceremony in Buckingham Palace this June.