The 66-year-old actor attended the ceremony with his wife Daniela and son Edmund, while close friend Bruce Willis and Prince of Persia producer, Jerry Bruckheimer, were also on-hand.
Jerry, who spoke at the event, toasted the Oscar-winner, calling him "one of the finest actors of this or any generation" and a "genius".
The director went on to praise Ben's talent and dedication.
"To say it is a privilege to work with this legend is an understatement," he said. "It was also no surprise that he turned out to be one of the hardest working, most dedicated and elegant gentlemen I have ever worked with."
And while the day was meant to be a celebration of his own work, a humble Ben took the opportunity to pay tribute to many of his co-stars.
In his speech, he mentioned young, talented actors like Jake Gyllenhaal, Gemma Arterton, Penelope Cruz and Leonardo DiCaprio, who he said are "the poets of the 21st century".
The film star also expressed his excitement and gratitude for the new plaque.
"It's a privilege to be a part of this beautiful business and it's a privilege to be a part – an enduring part – of the architecture of this extraordinary city, Hollywood," he said.
Highlights of Ben's forty-year career include his role in 1982's Ghandi, which won him the Oscar for Best Actor, as well as work in Schindler's List, Sexy Beast and House of Sand and Fog.