Irish rock band My Bloody Valentine have scooped The Classic Album award for 'Loveless' in the Mojo Honours List 2008.
The award celebrates a landmark release "whose relevance has endured since its release and whose influence still resonates".
Duffy's smash hit single 'Mercy' was named Song Of The Year.
Nominated in three categories, more than any other artist, Duffy joined fellow Honours List winners Led Zeppelin, Paul Weller, The Sex Pistols, Genesis, Neil Diamond and The Specials.
Duffy was beaten as Best Breakthrough Act by Arctic Monkeys frontman Alex Turner's side project The Last Shadow Puppets.
The Welsh singer-songwriter also lost out on the Best Album Award to Nick Cave & The Bad Seeds for their offering 'Dig!!! Lazarus Dig!!!'.
The event was held at The Brewery in east London. The guestlist at the event included Dave Grohl, Kate Nash, Al Murray, David Arnold, Phill Jupitus, Georgie Fame and Graham Coxon.
The ceremony consisted of key awards which were voted for by readers of the monthly music bible Mojo magazine and users of its website www.mojo4music.com.
Spanning more than three decades and hailed as one of Britain's finest heavy metal bands, Motorhead were honoured with the Mojo Hero award.
The Sex Pistols were presented with the Mojo Icon Award. Led Zeppelin took home the Best Live Act Award, having re-united for a show at the O2 Arena at the end of 2007.
The Classic Songwriter Award went to Diamond, presented by fellow musician Richard Hawley. Two-tone ska band The Specials were selected for the Mojo Hall Of Fame, joining previous winners such as Elton John and The Doors.
Genesis were awarded the Mojo Lifetime Achievement Award. Soprano singer Judy Collins, soul singer Irma Thomas.