He is the latest in the long-line of former greats of West Indian cricket to get the award, after Sir Everton Weeks, Sir Gary Sobers, Sir Viv Richards, and, more recently, Sir Curtley Ambrose and Sir Richie Richardson.
75 year old Lloyd is regarded as one of the finest international captains of all time, leading the West Indies in 70 tests, with his side winning 36 of them. In 1975 he led his side to World Cup glory against Australia at Lords, rescuing his side with a match winning 102 and winning man of the match. Four years later he skippered the team that successfully defended the title in England, defeating the hosts in the final on that occasion.
A powerful middle order batsman and a fine and athletic fielder, Lloyd became the first West Indian to win 100 international caps. He made 19 tests centuries, scored 39 fifties, and had a top score of 242 not out.
He also had a fine domestic career with his native Guyana, and also with Lancashire, for whom he played almost two decades, garnering a reputation as one of the finest overseas players ever to feature in English county cricket.
Inducted in 2009 into the ICC Hall of Fame, post retirement Lloyd became a highly respected international referee, and served with the West Indies Board of Control, acting as chairman of selectors for a brief period.
Nor was Lloyd the only cricketer to be recognised in this years honours either. England all-rounder Ben Stokes was given an OBE in recognition of his contribution he made to his country winning the World Cup in July, as well as his match winning innings against Australia in the third test of the Ashes series at Headingly, scoring 135 not out, and sharing an unbeaten stand of 76 with last match Jack Leach.
Meanwhile Eoin Morgan, the man who captained England to World Cup success, is made a CBE, whilst team mates Jos Buttler and Joe Roots receive MBEs, whilst the Australian coach of that team, Trevor Bayliss, gets an OBE.