Among those honoured from the University of Oxford team were professors Sarah Gilbert and Andrew Pollard.
Prof Gilbert, who has spent 25 years developing vaccines against influenza and other viral pathogens, will receive a damehood.
Her laboratory began work on the Covid-19 vaccine in early 2020 as the disease broke out in Wuhan, China.
Using a genetically engineered chimpanzee adenovirus, Ms Gilbert's team was working on a vaccine for the Mers disease and adapted it for Covid-19.
The drug is now considered a "vaccine for the world" because it can be transported easily.
AstraZeneca promised the drug would be distributed on a not-for-profit basis throughout the pandemic.
Ms Gilbert praised the work of her team in developing the vaccine so quickly.
“I am humbled to receive this honour,” she said.
“I have been so fortunate to work with a very talented and dedicated team who made it possible to develop a vaccine in less time than anyone thought possible.”
Prof Pollard, director of the Oxford Vaccine Group and chairman of Britain's Joint Committee on Vaccination and Immunisation, will be made a knight bachelor.
“I am absolutely delighted and uplifted to receive this honour, standing in awe of our amazing international team of talented vaccine researchers and filled with admiration for the dedicated trial volunteers,” he said.
“Together we have built a coronavirus vaccine for the world, providing a protective shield fit for a band of knights.”
Kate Bingham, the former head of the UK vaccines task force, will also receive a damehood.
She will be rewarded with the honour for her unpaid work in obtaining access to millions of doses of six different coronavirus vaccines.
Among others honoured are singer Alison Moyet, Liverpool FC captain Jordan Henderson, former Welsh rugby union captain Ryan Jones, who will all be made Members of the Order of the British Empire.