The House of Cards actor had been due to receive the 2017 International Emmy Founders Award in New York in November, but has now had the honour revoked.
In a statement on its website, The International Academy of Television Arts and Sciences said: “The International Academy has announced today that in light of recent events it will not honour Kevin Spacey with the 2017 International Emmy Founders Award.”
The news comes shortly after actor Anthony Rapp accused the 58-year-old of historical allegations of misconduct at a party in his apartment 30 years ago.
It has also been announced that political thriller House of Cards will come to an end after its upcoming sixth series.
It is thought that the decision to end the Netflix drama was made prior to Rapp’s claim about Spacey.
Rapp accused the two-time Oscar winner of an incident in 1986, when he was 14 and the star was 26.
Spacey said in a post on Twitter he does not remember the alleged incident and also announced that he is living “as a gay man” in the same message.
He said: “But if I did behave then as he describes, I owe him the sincerest apology for what would have been deeply inappropriate drunken behaviour.”
Netflix and House of Cards producer Media Rights Capital released a joint statement about the allegations, which read: “Media Rights Capital and Netflix are deeply troubled by last night’s news concerning Kevin Spacey.
“In response to last night’s revelations, executives from both of our companies arrived in Baltimore this afternoon to meet with our cast and crew to ensure that they continue to feel safe and supported.
“As previously scheduled, Kevin Spacey is not working on set at this time.”
The final series of House of Cards is due to air in 2018.