All five members were present for the ceremony, held in front of the Live Nation Building on Hollywood Boulevard. The 2,495th star resides next to the star belonging to Boyz II Men, another pop sensation.
"Other than my wedding day and the birth of my daughter, this is the best day of my life," member A.J. McLean said. McLean thanked fans "for personally allowing me to fulfill a dream that I never thought was possible for 20 amazing years and 20, 30, 40 more."
The Orland, Fla.-based Backstreet Boys have been together since 1993. They have sold more than 130 million albums worldwide and have seen seven consecutive albums reach the top 10 of the Billboard Top 200. Their most recent albums include "Unbreakable" and "This Is Us," both released in 2006 without Kevin Richardson, who briefly departed the group to pursue acting but returned in 2012.
During the 2012 holiday season, the band released of their Christmas single, "It's Christmas Time Again."
City News Service contributed to this report.