The 38-year-old actress was given the honour on Hollywood Boulevard yesterday. Gwyneth has had a successful movie career, including a best actress Oscar for her role in Shakespeare in Love and she has been tipped to pick up another Academy Award nomination for her performance in new film Country Strong.
The beauty has also appeared in hit movies including the Iron Man franchise, The Royal Tenenbaums, Se7en, Emma and Proof.
"I'm blown away by the whole thing,” Gwyneth admitted at the ceremony. "I think I'm going to get in the car and burst into tears. It just means so much to me to see all the people that I really love, and who have been supportive of me forever. I feel so honoured, I can't believe it."
Country singers Tim McGraw – who starred alongside Gwyneth in Country Strong – and Faith Hill were there to support the actress as her star was unveiled.
Gwyneth currently lives in London with her husband, Coldplay frontman Chris Martin, and their two children. However, she insists she still feels a strong connection to Los Angeles and paid tribute to her loved ones in the US.
"This city is so much a part of my heart and soul,” she explained. “I don't think I would be here were it not for my family and friends."