Previous Guest Artistic Directors include Pedro Almodóvar, Bernardo Bertolucci, Ava DuVernay, Greta Gerwig, David Lynch and Agnès Varda.
In a statement, AFI President and CEO Bob Gazzale said, "Guillermo del Toro is one of the great champions of the art form - a visionary filmmaker, a passionate cinephile, and a tireless advocate for bold, original storytelling."
"As Guest Artistic Director of AFI FEST, he brings a singular perspective that will inspire audiences of all generations," he added.
Del Toro is known for directing such films as "Pan's Labyrinth," "Hellboy," "Pacific Rim" and for his Oscar-winning film "The Shape of Water." His next film is a live-action remake of "Frankenstein."
AFI Fest will take place October 22-26 in Hollywood. "Springsteen: Deliver Me From Nowhere" was previously announced as the opening night film.
ABC7 and On The Red Carpet are the broadcast partners for AFI Fest.