The peer is expected to receive the rare honour during a ceremony to be held next week.
The honour will be conferred at the full council meeting on Wednesday June 29
The leader of Wakefield Council, Coun Denise Jeffery, said: “In his capacity as a champion of business, charity and veterans Lord St Oswald has done so much for the city and contributed greatly to our district.
“He is a tremendous ambassador, and we are delighted to recognise and acknowledge his hard work and the difference he has made to the lives of many people and organisations, by awarding this honour.”
Freedom of the City is the highest honour Wakefield Council can bestow upon an individual or organisation that has served in some exceptional capacity.
It is ceremonial recognition of their role and the contribution they have made.
Lord St Oswald is president and patron of a number of local charities in the Wakefield district including Wakefield Hospice, The Royal British Legion, Chippendale Society, Wakefield Family History Society, The Friends of Wakefield Chantry Chapel and the National Mining Museum of England.
He is also the President and a Vice-Chairman of The Yorkshire Society.
The Nostell Estate and its parklands have been in Lord St Oswald’s family since the 17th century.
Although the house was passed to the National Trust in 1953, the family still retains occasional use of the Adam Wing and Lord St Oswald takes a keen interest in promoting Nostell Priory.
Previous recipients of Freedom of the City since 2010 have included former chairman of the Rugby Football League Sir Rodney Walker, Wakefield Trinity legend Neil Fox and The 3rd Battalion The Rifles Regiment.
Sir Rodney and Coun Jeffery will address the council during Wednesday’s ceremony.
Lord St Oswald will also address the council subject to a vote in favour.