Andy Murray receives knighthood in New Year's Honours
The 29-year-old enjoyed the best season of his career and finished it ranked world number one after winning 24 matches in a row.
After reaching the final of both the Australian and French Opens, Murray claimed his third grand slam title at Wimbledon in July.
He then became the first tennis player ever to win a second Olympic gold medal in singles when he followed up his title in London with one in Rio.
Calls for Murray, who was made an OBE four years ago, to receive a knighthood have been growing all year and reached a peak after his remarkable end to the season.
The Scot won successive titles in Beijing, Shanghai, Vienna and Paris before defeating Novak Djokovic in the final of the ATP World Tour Finals at London's O2 Arena to pip the Serbian to the year-end number one ranking.
Murray played down talk of a possible knighthood, saying: "Obviously it is the highest honour you can get in this country. But I feel like I'm too young for something like that.
"When I win any award or am presented with anything it is nice because it is recognition for what you have given your life to - up to now anyway.
"I am still young and there are still a lot of things that can go wrong. I could still mess up and make mistakes. I am just trying to keep doing what I am doing, working hard and achieving stuff."
Murray, who two weeks ago became the first person to be named BBC Sports Personality of the Year for a third time, is the first British tennis player to receive a knighthood or a damehood.
The sport's only previous recipient was Sir Norman Brookes, an Australian player who was knighted for public service long after the end of his career in 1939.
Murray's honour also recognises his charity work. He is involved with a number of charities, including Unicef, the WWF and Malaria No More.
In 2013 he helped organise the Rally Against Cancer at Queen's Club with best friend Ross Hutchins following the latter's diagnosis of Hodgkin's lymphoma and then donated his prize money of more than £70,000 to the Royal Marsden Cancer Charity.
In September, he staged Andy Murray Live, featuring Grigor Dimitrov, Tim Henman, Gordon Reid and his brother Jamie, in Glasgow and raised more than £300,000 for Unicef UK and Glasgow charity Young People's Futures.
Jamie, who finished the year as part of the world's number one doubles team with Brazil's Bruno Soares, was made an OBE in June.
Scotland's First Minister, Nicola Sturgeon, welcomed the recognition for Murray and Scotland's new sporting dame, Katherine Grainger.
She wrote on Twitter: "Congratulations to Andy Murray and Katherine Grainger, two of Scotland's greatest sporting heroes - and to all others honoured."
Wimbledon applauded Murray's achievement too, adding: "Congratulations to @andy_murray (we're getting used to writing that!) for receiving a knighthood in the Queen's New Year's Honours list."