Travolta called receiving the award “a humbling moment”.
“This is beyond the Oscar,” said Travolta, who has twice been nominated for an Academy Award.
Propeller One-Way Night Coach, will premiere on Apple TV’s streaming service later this month.
Set in the “golden age of aviation”, the family adventure film is based on his own 1997 children’s book. He wrote, directed and co-produced the film, and played one of the roles.
The movie also stars his daughter Ella Bleu Travolta.
Cannes is also giving Lord of the Rings director Peter Jackson and performer Barbra Streisand honourary Palme d’Or awards at this year’s festival.
This is not the first time the festival has awarded a surprise honourary Palme. Last year, actor Denzel Washington received one, as did Tom Cruise in 2022.