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K J Yesudas, who turned 84 recently, was felicitated for his Outstanding Contribution to the Music Industry.
Rehman, who was last seen in 'Skater Girl', a 2021 coming-of-age sports drama, is best known for films including 'Pyaasa', 'CID', 'Guide', 'Kaagaz Ke Phool', 'Khamoshi' and 'Trishul'.
Parekh, 79, will be presented with the award during the 68th National Film Awards ceremony, to be held on Friday.
The award, named after Dhundiraj Govind Phalke who is revered as the Father of Indian cinema, was instituted in 1969, the year Bachchan made his debut in Hindi film industry with "Saat Hindustani".
In a career spanning five decades, Bachchan has given memorable performances film after film and is a four-time National Film Award winner.
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