Platinum Blonde will be inducted into the Canadian Music and Broadcast Industry Hall of Fame next March.
The Toronto trio, which started out in 1982, is known for hits such as Not in Love, Standing in the Dark and It Doesn't Really Matter.
Led by vocalist Mark Holmes, the band also included drummer Chris Steffler and guitarist Sergio Galli and worked with British producer David Tickle, who also produced Peter Gabriel.
Platinum Blonde did a cross-country tour in 1983 with Bryan Adams and in 1984 with Billy Idol.
Bassist and keyboardist Kenny MacLean joined the band in 1985 and they released several more hits, including Situation Critical and Crying Over You, which reached No. 1 on the charts and won a Gemini Award for best music video.
The band broke up in 1989 and Maclean died of sudden heart failure at 52 in 2008, after a show at The Mod Club Theatre in Toronto.
The surviving members of the band will be honoured March 12 at a luncheon in Toronto during Canadian Music Week.