Lakers star Kobe Bryant served as honorary chair at the event in Exposition Park and led more than 10,000 participants on a five-kilometer walk through the streets of downtown.
Bryant says he hopes the public will become more aware of homelessness.
"The homeless initiative is something that's kind of been put on the backburner, so we wanted to lend our name to something that needed a little light shined on it," said Bryant.
All proceeds raised will be used to support organizations that move homeless veterans and chronically homeless people into permanent housing.
Los Angeles County is known as the homeless capital of the nation, with 51,000 people living without homes.
ABC7 was a proud sponsor of the United Way Homewalk with Bryant. Eyewitness News anchor David Ono was in the crowd as well.
CNS contributed to this report.