The award will be handed out by Sweden's King Carl XVI Gustaf at Stockholm's concert hall on June 16th.
Opera singer Cecilia Bartoli was born in Rome, Italy, and has interpreted classical composers ranging from Mozart to Rossini.
"With a vocal range of three octaves and a unique ability to live a role with fullness of expression, [she] has developed song as an art form," said the jury.
Max Martin is one of the world's most successful producers, boasting a resume that includes creating massive hits for artists such as Britney Spears, Justin Bieber and Taylor Swift. He becomes the first Swede to ever receive the prize.
"Right now, at this very moment, someone, somewhere in the world will be singing a hit song written and produced by Max Martin. With his ear for song melodies, his musical precision and craftmanship, he has refined and developed the world's popular music," read the Polar jury's announcement.
The Polar Music Prize was created in 1989 by Abba's legendary manager, the late Stig 'Stikkan' Anderson.
Last year the one-million kronor prize ($119,000) was awarded to American queen-of-country-music Emmylou Harris and Scottish percussionist Evelyn Glennie.