"Thank you for this great spot in front of the El Capitan Theatre. I hope Jimmy Kimmel comes and shines my star every morning," Franco said.
Franco's star came just a day before the release of his new movie, "Oz the Great and Powerful." He plays Oz.
Seth Rogen, who starred with Franco on TV's "Freaks and Geeks," was one of the speakers at his star ceremony. Franco got a little emotional when he thanked his mother. But he had plenty of others to thank, too.
"I wish that I could put a bunch of names on this star because this is collaborative business, not just making the movies, the people behind-the-scenes, the people that have been there for me all the way through. If I could, I'd put all your names on there," said Franco.
After the ceremony, James spent time signing autographs for the many fans who showed up to support him on his special day.