The awards gala will be held on Jan. 5 at the Palm Springs Convention Center.
Cotillard, who received the fest's Breakthrough Performance Award in 2008 for "La vie en rose," is currently appearing on screen in the musical "Nine" and was seen earlier this year in "Public Enemies."
Tarantino, whose "Inglourious Basterds" was released this year, will receive the award named after the festival's founder.
"Following a distinguished career in French cinema, Marion Cotillard has firmly established herself as a major actress in American films. Her performance in Rob Marshall's 'Nine' is nothing short of breathtaking," festival chairman Harold Matzner said.
He added, "Quentin Tarantino is one of the most gifted, iconoclastic filmmakers of his generation, and with 'Inglourious Basterds,' he's created a hugely entertaining, revisionist take on history as it might have been. For this achievement, along with his ongoing contributions to contemporary cinema, we're delighted to be honoring him with the festival's Sonny Bono Visionary Award."
-Nielsen Business Media