Nasser was named as a Companion (AC) of the Order of Australia for “eminent service to business and international commerce in the mining and manufacturing sectors through leadership and executive roles, to the development of sustainable policy frameworks for industry and government, and to the community as a philanthropist and benefactor”.
It comes after he was awarded an Order of Australia (AO) in 2012.
Lebanon-born, Melbourne-raised Nasser spent 33 years with the Ford Motor Company and joined the board of BHP in 2006.
He was appointed as chairman in 2010, but will step down this year, with an announcement of his successor rumoured to be made as early as this week.
Nasser had planned to leave BHP sooner, but stayed on to manage the aftermath of the Samarco disaster in late 2015.
Nasser is also on the board of 21st Century Fox USA, and Koc Holdings and is involved with a number of scholarships and charities.
Meanwhile, Canberra-based geophysicist Dr Phillip McFadden was also awarded an Order of Australia for “distinguished service to earth sciences”.
The former Geoscience Australia chief scientist is currently chairman of the Uncover research initiative.