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10 October 2012, 14:26 | Updated: 10 October 2012, 14:57
The 'Marry The Night' singer picks up the prize during a ceremony in Iceland as she pays tribute to the late Beatle star.
Lady Gaga was presented with the 2012 LennonOno Peace Grant by Yoko Ono yesterday (10th October) during a ceremony in Iceland.
The 'Bad Romance' star shared a hug with the wife of the late John Lennon before addressing the audience in attendance.
"I'm supremely honored to accept this grant and award today on behalf of youth empowerment around the world," she said before revealing she'd be donating the money to the Elton John AIDS foundation.
"I will be working closely with them to ensure that the money goes specifically to those orphans and disadvantaged youth in America born with HIV or AIDS," she said.
After recalling how she used to pay tribute to The Beatles singer every year, she told the crowd that she wanted to leave them with a message of peace of her own.
You can view a picture of Lady Gaga with some of the other recipients of the award below: (Picture: Littlemonsters.com)
"World, breed compassion. Can we put compassion above all things. Can we be brave enough to fight for peace with no fight at all," the singer said.
She posed for a series of pictures alongside the other recipients of the award and Yoko herself.
You can view a picture of Yoko Ono with lady Gaga below: (Picture: Littlemonsters.com)
"Me and all the other recipients. I felt really privileged to be with them today. They are so fearless and brave, their stories were very moving. So much genuine passion for peace," she wrote on her LittleMonsters website alongside the images.
You can watch Lady Gaga accepting her Lennonono Peace Grant below:
Meanwhile, the 'You & I' star is currently on her 'Born This Way Ball' world tour and was seen throwing up live on stage in Barcelona recently.
She was also greeted by a chorus of boos when she arrived late at the Harrods department store in London for the launch of her Fame perfume.