The British-Nigerian boxer who is a proud holder of WBA, IBF and WBO titles was honored with the title for his services to boxing.
In a statement by British Olympic Association chief executive Bill Sweeney, he hailed the recognition given to Yarnold Mike Hay and Anthony Joshua.
Sweeney said: "We are incredibly proud of those honoured today for their contribution to Olympism.
"In particular, Lizzy Yarnold and Anthony Joshua are great examples of athletes that were able to fulfil their not only their Olympic ambitions, but give so much back to their communities and country.
"As Chef de Mission, Mike Hay has presided over unprecedented consecutive Winter Games successes, bringing to bear his knowledge and experience in a highly competitive and unpredictable environment.
"His excellent relationships with our winter sports and athletes was self-evident in Pyeongchang and we're delighted he has been awarded an OBE."
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