Cosby will speak at the May 21 graduation ceremony. He'll also receive an honorary Doctor of Humane Letters degree.
The ceremony will be at the Patricia and Arthur Modell Performing Arts Center at The Lyric.
Cosby is something of a familiar face around Baltimore.
Last year, St. Frances Academy in East Baltimore honored Cosby and his wife, Camille, for their $2 million donation toward a community center.
Cosby, a comedian, actor, author and activist, is perhaps best known for his 1980s sitcom, "The Cosby Show."
More recently, he's known for his controversial remarks criticizing African-American parents for failing to instill proper morals.