The ceremony came one day before the release of the new James Bond movie "Skyfall," in which Bardem plays the villain. "Skyfall" director Sam Mendes joined the Spanish actor at the ceremony, praising him for his talent and commitment to each part.
"He respects the art of acting. He's a craftsman and a storyteller, and he believes in it as an art form and that is very moving, particularly now," said Mendes. "For me, he's part of the great tradition that includes Brando and Burton. He's our Brando and our Burton for this generation."
Bardem comes a family of actors and filmmakers, and made his big screen debut when he was just 6 years old.
"All I wanted to do was work professionally as an actor," Bardem told the crowd Thursday. "And now, to be here, to get a star on the Hollywood Walk of Fame is an honor I never thought I would ever receive."
In 1992, he was propelled to fame with his role as a potential underwear model and would-be bullfighter in "Jamón, jamón," which also starred his future wife, Penelope Cruz.
Bardem won a best supporting actor Oscar for his role as a sociopathic killer in the 2008 film "No Country for Old Men," which also brought him Golden Globe and Screen Actors Guild awards. He is the first Spaniard to be nominated for an Academy Award and the first to win one.
The actor has received two other Oscars nominations during his career so far -- a best actor nomination in 2001 for "Before Night Falls" and a best supporting actor nomination in 2011 for "Biutiful." He also received Golden Globe nominations for his performances in "The Sea Inside" and "Vicky Cristina Barcelona."
Bardem's other memorable films include "Eat Pray Love," "The Dancer Upstairs," "Mondays in the Sun," "Collateral," "Love in The Time of Cholera" and "Goya's Ghosts."
Bardem's star is located in front of the El Capitan Theatre on Hollywood Boulevard.
City News Service contributed to this report.