It wins the accolade for its "outstanding achievement" in increasing its overseas income by 154% over three years and producing an aggregate of £54 million over that period.
The university’s chair of governors Andrew Bentley said: “I am absolutely thrilled that the university is to be awarded this Royal honour. We have a growing, global reputation and are attracting more and more international students from more than 100 countries.
"They make up a third of our student population and bring millions of pounds to the local economy.”
Deputy Vice Chancellor (External Relations) Professor Ashraf Jawaid said: "We have been welcoming students from across the world for many years. Students come here because of our reputation for high-quality teaching, excellent research and strong student support.
"We are modern, vibrant and in touch with the needs of students and employers alike."
The university is investing £140 million in new facilities including a new Campus Centre and halls of residence, due to open next year.
It has also drawn up plans for a £20 million postgraduate and continuing professional development centre, which is due to open in 2013.
"That investment together with our close proximity to London and our work with industry make us an attractive choice for the international market," said Professor Jawaid.
Vice Chancellor Professor Les Ebdon CBE added: “I am delighted that the Prime Minister has recommended and the Queen has agreed to award us this honour. I am very grateful to all the university staff who have helped us achieve this recognition. It is a tremendous boost for everyone.”
The Queen’s Awards for Enterprise are made annually and are the most prestigious corporate awards that any UK business can win. The independent awards are given for five years and show how successful a business is.
The university will be presented with the award by the Lord Lieutenant for Bedfordshire Sir Samuel Whitbread on behalf of the Queen later this year.
