"His films are full of razor-sharp humour, faultless style, and boundless generosity. Somehow he manages to stuff both indie hits and massive crowd-pleasers with big, radical ideas."
Waititi's latest film JoJo Rabbit - a satire involving a ludicrous imaginary version of Hitler - is set to have its world premiere at the festival.
Waititi made his mark on Hollywood when he directed Marvel's Thor: Ragnarok, which made over $850 million at the box office worldwide and changed the tone and direction of the entire franchise.
He also write and direct the upcoming sequel Thor: Love and Thunder.
Other films include the likes of Kiwi favourites Boy and Hunt for the Wilderpeople, as well as What We Do In the Shadows, which he co-wrote, co-directed, and co-starred in with Jemaine Clement.
He was nominated for an Academy Award for his short Two Cars, One Night.
Previous recipients of the Ebert Director Award - previously the Roger Ebert Golden Thumb Award - include superstar directors like Martin Scorsese, Ava DuVernay and Agnès Varda.
The 44th Toronto International Film Festival runs September 5–15.